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December 13, Kathmandu | (ANI): Leading commercial vehicle manufacturer Tata Motors on Tuesday said it would be increasing the prices of its commercial vehicles up to 2 per cent from January 2023. While the price increase will vary as per individual model and variant, it will be applicable across the entire range of commercial vehicles, the auto firm said in a release.

The company said it has been absorbing a significant portion of the increased costs, but the steep rise in overall input costs has compelled it to pass on some proportion through this minimal price hike. According to reports, prices of commodities such as steel and aluminium have corrected from the spiralling prices this year, but the building costs of trucks and buses are still high till now.

The Mumbai-based automaker has also raised the prices of passenger vehicles four times so far this year.

Maruti Suzuki said earlier this month it was planning to hike prices in January due to cost pressures, which have increased due to recent regulatory requirements.

The company said it was pioneering India's electric vehicle (EV) transition and driving the shift towards sustainable mobility solutions by preparing a tailor-made product strategy, leveraging the synergy between the Group companies and playing an active role in liaisoning with the government in developing the policy framework.

As of March 31, 2022, the company said its operations include 86 consolidated subsidiaries, two joint operations, four joint ventures and 10 equity-accounted associates, including their subsidiaries, in respect of which we exercise significant influence.