Indian automaker Tata Motors said on Monday that it will raise the prices of its commercial vehicles by up to 3 per cent, its third hike this calendar year to offset the residual impact of past input costs.
The price hike, effective from 1 October, will be applicable across its range of commercial vehicles, the automaker added.
The company previously raised prices by 1.2 per cent in January and by 5 per cent in March to ensure its vehicles comply with the new emission norms.
India implemented stricter norms through phase II of Bharat Stage 6 from 1 April, 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 per cent rise in prices of commercial vehicles from April 2023, Fitch added.
