Hero MotoCorp will hike the ex-showroom prices of its range of motorcycles and scooters in the Indian market. The increase will come into effect from December 1, the two-wheeler manufacturer said in a statement.
The prices will be increased by up to Rs 1,500 and can vary depending on the model of the vehicle and the market. “Hero MotoCorp will make an upward revision in the ex-showroom prices of its motorcycles and scooters, effective from December 1, 2022,” the manufacturers said.
The statement further read, “The price increase will be up to Rs 1500 and the exact quantum of increase will vary by specific models and markets.”
Explaining the reason behind the move, Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp, said that the revision in prices has been made due to “overall inflationary costs”. He added that in order to mitigate the impact of the increase on customers, the company will continue to provide innovative financing solutions.
Mr Gupta said that they have also implemented saving programs that will help the company offset any further cost impact and improve margins. The CFO stated that economic indicators suggest a growth in demand and that the industry volume is likely to boost in coming quarters.
This is the fourth price hike, announced by the two-wheeler maker, this year. Hero MotoCorp had previously announced a hike in the prices of its motorcycles and scooters in September this year. The prices were increased by up to Rs 1,000 with effect from September 22. That time too, the manufacturer had cited cost inflation for the revision.
The scooters and motorcycles had become dearer by up to 3,000 from July 1 this year after Hero MotoCorp announced a similar hike citing overall cost inflation and an increase in commodity prices.
Before this, an increase of up to Rs 2,000 was notified by Hero MotoCorp in its scooters and motorcycles. The increase came into effect on April 5 and the manufacturer had said that “increasing commodity prices” necessitated the revision.
Read all the Latest Auto News here