Chennai– Commercial vehicle major Tata Motors Ltd on Monday said the prices of its trucks and buses will increase by about 2.5 per cent from January 1, 2022 onwards.

The price hike will be across the commercial vehicle segments – medium and heavy/intermediate/light/small and bus.

Tata Motors said 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 in commercial vehicles.

While the company is absorbing 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 minimal price hike, it added.

Several car makers like Maruti Suzuki, Audi and Mercedes-Benz too have announced price hike from the New Year onwards citing increase in input costs. (IANS)