Tata Motors has announced an impending price hike of its commercial vehicle range. An increase in price in the range of 2-2.5%, will come into effect from 1st April 2022 across the range, depending upon individual model and variant.
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. 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 minimized price hike.
“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 minimized price hike," Tata Motors said in a statement.
Recently, the company announced that it is planning to invest Rs 15,000 crore in the EV segment in the next five years, a top company official has said. The company, which is a leader in the newly emerging EV segment with offerings such as Nexon, is also planning to develop around 10 more new offerings in the segment, President for Passenger Vehicles Business of Tata Motors Shailesh Chandra said. “As far as future is concerned, in next five (years) we will invest Rs 15,000 crore in electrification. We are going to work on nearly 10 products with different kind of body styles, price, driving range options," Chandra said.
The company had raised USD 1 billion in funding from private equity major TPG in its EV division, valuing the business at USD 9.1 billion. Chandra was speaking at an event to deliver a batch of 101 EVs to residents of the city as part of the Aurangabad Mission for Green Mobility (AMGM) by local groups. An order for 250 EVs has been placed under the AMGM. He said there is a need to accelerate the development of the EV ecosystem with charging facilities, and affirmed the company’s commitment to develop the same.
Also Watch:
It has a network of nearly 400 charging stations in Maharashtra, of which 15-20 are in Aurangabad and this needs to be expanded, Chandra said. Meanwhile, the official also shared that the ownership profile on EVs is undergoing change, with more buyers opting for the electric variant as their first car. When we launched (electric) car, that time the people using this as their first car were only 20-25 per cent. Today this has increased to 65 per cent, he said. Tata Motors has sold 22,000 EVs till now and if the impact of so many vehicles were to be assessed in terms of carbon dioxide emissions, it is akin to planting 1.5 lakh trees, he said.
Read all the Latest Auto News and Breaking News here
Comments
0 comment