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Homegrown auto major Tata Motors on Tuesday said it will hike prices of its commercial vehicles range by 2-2.5 per cent, depending upon individual model and variant, from April 1.
The increase in the prices of commodities, such as steel, aluminium and other precious metals — in addition to higher costs of other raw materials — has incited this price hike of commercial vehicles, Tata Motors said in a regulatory filing.
“While the company has initiated actions to absorb a significant portion of the increased costs, at various levels of manufacturing, the steep rise in overall input costs makes it imperative to pass on some residual proportion via a minimised price hike,” it added.
Last week, Mercedes-Benz India had said it would increase prices of the entire model range by up to 3 per cent from April 1 in order to partially offset the impact of the increase in input costs.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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