India`s Tata Motors to hike commercial vehicle prices by up to 2% from January
Indian automaker Tata Motors said on Thursday it will increase prices of its commercial vehicles, including trucks and buses, by up to 2% from January.
The company had previously said it would raise prices of its cars by 3% in January.
WHY IT'S IMPORTANT
Indian automakers are grappling with rising costs due to strong global commodity prices, high import duties on raw materials and supply chain disruptions.
They have also struggled with slowing sales after years of surging growth, forcing them to offer bigger discounts and moderate sales to dealers.
KEY CONTEXT
Earlier this month, Maruti Suzuki, India's top carmaker by sales, JSW MG Motor and Hyundai Motor India also said they would raise prices from January.
BY THE NUMBERS
Carmaker Quantum of price hike effective Jan. 1
Tata Motors up to 2% for commercial vehicles, 3%
for cars
Maruti Suzuki 4%
JSW MG Motor 3%
Hyundai Motor India up to 25,000 rupees ($294.57)
($1 = 84.8690 Indian rupees)
