The car maker said that the price increase is to offset the impact of rising commodity prices.

“It will be applicable across the entire range of commercial vehicles, and will vary as per individual model and variant,” Tata Motors stated.

Separately, JLR and Chery Automobile Company, partners in the Chery Jaguar Land Rover (CJLR) joint venture, have signed a letter of intent to focus on electric vehicles (EVs) for the Chinese market.

This new collaboration leverages Chery's strong position in China and JLR's design expertise. The CJLR joint venture will produce a range of electric vehicles under the Freelander name, which will be reborn under a licensing agreement with JLR. This new lineup will be entirely electric, leveraging Chery's existing EV architecture. Production will take place at CJLR's Changshu facility.

Tata Motors, part of the Tata group, is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses.

The company reported a consolidated net profit of Rs 17,528.59 crore in Q4 FY24, steeply higher from Rs 5,496.04 crore posted in Q4 FY23. Revenue from operations increased 13.52% YoY to Rs 1,19,213.35 crore in the quarter ended 31 March 2024.

The scrip fell 0.04% to Rs 986 on the BSE.