Tata Motors stated that the price increase would be applied across its entire range of commercial vehicles, with the exact increment varying according to individual models and variants. This marks the second price hike this year, following a similar increase of up to 2 per cent in March.
The company emphasised that the price rise is unavoidable due to the escalating prices of raw materials. Despite the price increase, Tata Motors’ shares have seen a 26.6 per cent rise this year, although they experienced a slight dip of 0.2 per cent today.
As one of India’s largest manufacturers of trucks and buses, Tata Motors maintains a significant global presence. Earlier this month, the company announced plans to invest between Rs 16,000 crore and Rs 18,000 crore in its electric vehicle (EV) division by the fiscal year 2029–30 (FY30). Currently offering four electric car models, Tata Motors aims to launch six more by March 2026.
The automaker is also setting ambitious goals for its passenger vehicle (PV) market share, aiming to capture 20 per cent by FY30. As of 2023–24 (FY24), Tata Motors held a 13.81 per cent share of the Indian PV market in volume terms, according to data from the Society of Indian Automobile Manufacturers.
Financially, Tata Motors posted a more than threefold increase in its profit after tax (PAT) for the fourth quarter of FY24, reaching Rs 17,528 crore, driven by a 13.3 per cent growth in revenue. Consolidated revenues for the quarter approached Rs 1.20 trillion.
Shares of Tata Motors were trading at Rs 982.75, down 0.29 per cent, at 12:15 PM on the BSE.
First Published: Jun 19 2024 | 12:26 PM IST