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JLR still holds key to Tata Motors' success
Mint Mumbai
|December 13, 2023
The new year will begin with many automobile companies raising the prices of their vehicles. Tata Motors Ltd will also raise prices of its commercial vehicles (CVs) by up to 3% from 1 January. It said the price hike is to offset the residual impact of the past input costs.
It is worth noting here that while input costs have been higher, the pressure has been easing in the past few months. Amid this, price hikes by automakers are likely to support profit margins. Apart from Tata Motors, Maruti Suzuki India Ltd and Mahindra and Mahindra Ltd too, plan to implement price hikes from January citing inflationary forces and fluctuations in commodity prices.
Tata Motors had also taken a price hike in CVs from 1 October in anticipation of commodity headwinds, especially from steel price.
As such, the company’s CV volume growth is expected to moderate in FY24 vis-à-vis FY23. In the quarter-ending September (Q2FY24), Tata Motors’ total domestic CV volumes saw 6% year-on-year growth.
This story is from the December 13, 2023 edition of Mint Mumbai.
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