Tata Motors gains on move to hike commercial vehicle prices up to 3%

Shares of Tata Motors Limited traded 0.5 percent higher at Rs 643 in early hours on September 20, extending gains for the third session in a row after the company announced that it would increase the prices of its commercial vehicles up to 3 percent, effective October 1.

“The price increase is to offset the residual impact of the past input costs, and will be applicable across the entire range of commercial vehicles,” India’s largest commercial vehicle manufacturer said in a statement.

In the last six months, the Tata Motors stock has gained 56 percent. This is the highest among all major automobile companies listed on the bourses.

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Earlier in the month, Tata Motors posted a marginal 1.9 percent on-year growth with total sales of 32,077 units in August against 31,492 units a year back.

Domestic sales of medium and heavy internal combustion vehicles (M&HICV) in August, including trucks and buses, stood at 13,306 units, compared to 12,069 units last year.

In other news, the country’s largest electric vehicle manufacturer has introduced the 2023 edition of the Nexon in petrol, diesel and electric versions to strengthen its presence in the fiercely competitive compact sports utility vehicle market.

The petrol and diesel versions start at Rs 8.09 lakh and Rs 10.99 lakh. The battery-run variants will be available from Rs 14.7 lakh (mid-range) and Rs 18.19 lakh (long range).

Also read: Strategic pricing, advanced features to help Tata Nexon rule SUV space: Nomura

Once commercially available, the new Nexon will be pitted against Hyundai Venue, Kia Sonet, Maruti Suzuki Brezza, and Mahindra XUV300 in the petrol/diesel segment and the Mahindra XUV400 in the EV segment.

The new variants come with a major technology upgrade as the model now offers six airbags as standard.

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