Tata Motors has declared a price surge for its commercial vehicles, effective from July 2024.
What Happened: The price hike, which will be effective from July 1, 2024, will be up to 2%. The increase will apply across the entire range of commercial vehicles and will vary according to individual models and variants. The company stated, “The price increase is to offset the impact of rising commodity prices.”
Earlier today, Tata Motors’ Jaguar Land Rover (JLR) and China’s Chery announced that they intend to produce EVs in China under the ‘Freelander’ brand. This collaboration aims to bolster their joint venture, CJLR's product offer for the forthcoming era of electrification in China.
This price hike comes at a time when Tata Motors is aggressively pursuing growth. Earlier in the month, the company said that it is aiming to boost its market share in the passenger vehicle segment from 14% in FY24 to 16% by FY27 and between 18% and 20% by 2030. It plans to introduce new models, expanding its lineup to cover 80% of the market, up from the current 53%.
Price Action: Tata Motors’ share price was down 0.091% to trade at ₹985 in early trade on Wednesday.
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