Tata Motors has raised prices of its commercial vehicles (CV) by Rs 5,000-60,000, following the two per cent increase in the excise duties in this year's Budget. The new prices are affective March 17.
Mr Ravi Pisharody, President of Commercial Vehicle Business Unit, said that the price increase has been in the two-five per cent across its CV range. With dealers having old stocks, the new prices are likely to be charged to customers in four-six weeks.
“We expect the near-term sales to be affected by the higher prices, but as was seen with the successive increases last year, vehicle sales should not really come down in the year. The prices will get absorbed depending on the state of the economy,” he said.
Tata Motors expects 18-19 per cent rise in CV sales in 2011-12. The company had also increased prices of its passenger vehicles range by up to Rs 35,000 last week.