Tata Motors announced that it will increase the price of its commercial vehicles effective July 1, 2024, up to 2%.
New Delhi: In a major announcement, Tata Motors Limited has announced that it will increase the prices of its commercial vehicles (CV) by up to 2%, starting from July 1, 2024. The company attributed this price hike to the rising costs of commodities in a filing with the BSE and NSE stock exchanges. The price hike will be applicable across the entire range of commercial vehicles, and will vary as per individual model and variant, Tata Motors said in a statement.
Earlier this year, the company had announced a price hike by up to 2 per cent from April 1, 2024 to offset the residual impact of the past input costs. Tata Motors is a leading manufacturer of commercial vehicles, including trucks and buses, in India.
“Tata Motors announced that it will increase the price of its commercial vehicles effective July 1, 2024, up to 2%. The price increase is to offset the impact of rising commodity prices. It will be applicable across the entire range of commercial vehicles and will vary as per individual model and variant,” Tata Motors said in a regulatory filing.
Surge In Tata Motors Q3 Net Profit
Tata Motors at the beginning of the year announced a more than two-fold increase in its consolidated net profit at Rs 7,025 crore for the October-December quarter of the current financial year driven by strong sales in its UK luxury car unit Jaguar Land Rover (JLR).
The company had recorded a net profit of Rs 2,958 crore in the same quarter of the previous fiscal.
JLR’s sales rose 27 per cent in the global market in the third quarter, accounting for two-third of the revenue.
“It is satisfying to see our businesses execute well on their differentiated strategies and deliver a strong set of results for the quarter, thereby making it six quarters of consistent delivery. We aim to end the year on a strong footing and remain confident of sustaining our performance in the coming quarters and delivering on our de-leveraging plans,” said P.B. Balaji, Group Chief Financial Officer, Tata Motors.
(With inputs from agencies)
