The automobile maker said that the continued rise in the cost of commodities, such as steel and precious metals, necessitates the company to pass on a part of it through increase in price of the products. The company assured that it has strived to minimise the increase in the price by absorbing a certain portion of the cost at various levels of manufacturing. Furthermore, Tata Motors said it continues the efforts to deliver the lowest total cost of ownership for its customers.

The commercial vehicle manufacturer said the effective price hike, will be in the range of 2% and will be implemented on the basis of the model and the variant of the vehicle.

On 3 August, the company announced that it will increase prices of its passenger vehicles, on an average of 0.8%, depending on the variant and model.

Shares of Tata Motors were trading 0.84% lower at Rs 296.55 on BSE.

Tata Motors is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses. The auto major's consolidated net loss contracted to Rs 4,450.92 crore in Q1 FY22 as compared to a net loss of Rs 8,437.99 crore in Q1 FY21. Total revenue from operations soared 107.63% YoY to Rs 66,406.45 crore in Q1 FY22.

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