Tata Motors today said it has hiked the prices of its entire range of commercial vehicles by up to Rs 60,000 following excise duty hike in the Budget.
"We have hiked the prices of our commercial vehicles by 2-5% considering hikes in excise duty on vehicles and chassis. This has been done with effect from March 17," Tata Motors President (Commercial Vehicle Business Unit) Ravi Pisharody told reporters at the Defence Expo here.
The price hike will vary between Rs 5,000 and Rs 60,000 depending upon different models, he added.
When asked if this is going to affect demand Pisharody said: "In the near term definitely it will impact sales. It usually takes 4-6 months to fully absorb hike by the market."
The company is expecting a growth of 18-19% in its commercial vehicle sales in 2011-12, he said.
The company has recently also increased prices of its passenger vehicles, including the Nano, by up to Rs 35,000 with immediate effect due to hike in excise duty.
