NEW DELHI: Homegrown auto major Tata Motors on Tuesday said it will hike prices of its commercial vehicles range by 2-2.5 per cent, depending upon individual model and variant, from April 1.
The increase in the prices of commodities, such as steel, aluminium and other precious metals -- in addition to higher costs of other raw materials -- has incited this price hike of commercial vehicles, Tata Motors said in a regulatory filing.
"While the company has initiated actions to absorb a significant portion of the increased costs, at various levels of manufacturing, the steep rise in overall input costs makes it imperative to pass on some residual proportion via a minimised price hike," it added.
Last week, Mercedes-Benz India had said it would increase prices of the entire model range by up to 3 per cent from April 1 in order to partially offset the impact of the increase in input costs.