Tata Motors is set to increase the prices of all its commercial vehicles sold in India. Tata has decided to increase the price of each model by 2% from July 1, 2024.
For business people who are planning to buy commercial vehicles from Tata Motors, the company has bad news. From July 1, Tata is going to increase the price of commercial vehicles by 2%. Tata has blamed the increase in the cost of raw materials as the reason for the price increase. For this same reason, they increased the prices in the beginning of this year as well. Tata has made every variant of all models of commercial vehicles expensive.
Tata Motors has hiked the prices of commercial vehicles
Since the start of 2024, Tata has increased the price of its commercial vehicles thrice. Car prices were hiked by 3% in January and 2% in April. Tata went on a price hike after the recent demerger of passenger vehicle business with commercial.
However, Tata has now set its sights on electric vehicles. They are planning to invest Rs 16,000 to 18,000 crore in FY 2029-30. Experts believe that this will be particularly effective in fulfilling the commitment to launch six new electric vehicles by March 2026.
Tata has now started increasing its focus in the passenger car business due to its high profitability. They have set a target of capturing 20 percent of the Indian passenger vehicle market by FY 2029-30. In 2023-24 i.e. currently, Tata has a share of 13.81 percent in the passenger vehicle market.
