Two-wheeler major Hero MotoCorp on Wednesday said it will raise two-wheeler prices with effect from January 1, 2021.
The company cited a steady rise in commodity costs across the spectrum, including steel, aluminium, plastics, and precious metals as the reason for the upcoming price rise.
" There has been a steady rise in commodity costs across the spectrum, including steel, aluminium, plastics, and precious metals. We have already accelerated our savings programme under the Leap-2 umbrella, and will continue to work on mitigating the impact, with the objective to reduce the burden on the customers and protect our margins.
In order to partially offset the impact of the commodity costs, we will be increasing the prices of our products by upto Rs. 1500, with effect from January 1, 2021. The increase will vary across models, and the exact quantum will be communicated to our dealers in due course."
reported 14.4 per cent growth in its sales for November at over 5,91 lakh units.
In November last year, the two-wheeler major sold 5.16 lakh units. "The company sold 591,091 units of motorcycles and scooters in November 2020. Continuing to ride over the challenging market conditions caused by Covid-19, Hero MotoCorp reported a robust double-digit growth of 14.4 per cent over the corresponding month of the previous year (November 2019), when the company had sold 516,775 units," the company said in a regulatory filing.
Hero MotoCorp said that it has led the revival in the two-wheeler industry this year and this was witnessed in the record retail sales that the company registered in the recently concluded festival period.
More than 14 lakh units were retailed in the 32-day period starting from 'Navratra' till 'Bhai-Duj'.