Tata Motors Announces Third Commercial Vehicle Price Hike in 2023

Indian automaker Tata Motors announced on Monday its decision to implement a price increase of up to 3% for its commercial vehicles. This marks the third price adjustment within this calendar year, aimed at mitigating the lingering effects of prior input cost fluctuations. The price revision, set to take effect on October 1st, will be applied to Tata Motors' entire lineup of commercial vehicles.

Earlier this year, the company had already raised prices by 1.2% in January and by 5% in March, primarily in response to the need for compliance with the latest emission standards. Here are all details.The price hike, effective Oct. 1, will be applicable across its range of commercial vehicles, the automaker added.

The company previously raised prices by 1.2% in January and by 5% in March to ensure its vehicles comply with the new emission norms.

India implemented stricter norms through phase II of Bharat Stage 6 from April 1, including testing real-time driving emissions, leading to increased costs for automakers.

Earlier in the day, ratings agency Fitch said in a report that India's commercial vehicle sales volume will slow down to low-to-mid-single digits due to rising ownership costs.

The implementation of the latest emission norms will lead to nearly a 5% rise in prices of commercial vehicles from April 2023, Fitch added.