Tata Motors, a commercial vehicle manufacturer, on Monday has announced that it will increase prices of its vehicles, effective 1 October 2023, up to 3 per cent, through an exchange filing.
"The price increase is to offset the residual impact of the past input costs, and will be applicable across the entire range of commercial vehicles," Tata Motors said in the regulatory filing.
The automobile manufacturer had increased the cost of passenger vehicles by 0.6 per cent in May making it the second increase in 2023. The first hike was in January with an increase of 1.2 per cent.
Tata Motors August sales
Tata Motors Limited sales in the domestic and international market for August 2023 fell to 78,010 units in comparison to 78,843 units during August 2022. The Domestic sales of the company stood at 76,261 units in August 2023 compared to 76,479 in August 2022 with a zero percent YoY change.
The sale of commercial vehicles International Business (IB) stood at 1,329 units in August 2023 compared to 2,179 units in July 2022, with a sharp fall of 39 percent. The sale of commercial vehicles (CV) including the CV Domestic and CV IB stood at 32,077 units in August 2023 against 31,492 units in August 2022, with a fall of 1.9 percent.
Tata Motors shares
The shares of Tata Motors on Monday closed at Rs 640.85, up by 1.04 per cent.