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Hero MotoCorp to hike prices of its vehicles up to INR 1500 from Dec 1 – ET Auto

Hero MotoCorp raised the prices of its vehicles by up to INR 1,000 to offset high input costs.

New Delhi: The country’s largest two-wheeler maker Hero MotoCorp on Friday said it will increase the prices of its motorcycles and scooters by up to INR 1,500, with effect from December 1.

This is the fourth price hike announcement by the market leader in the current fiscal year.

“Hero MotoCorp will make an upward revision in the ex-showroom prices of its motorcycles and scooters, effective from December 1, 2022,” the company said in a statement.

“The price increase will be up to INR 1500 and the exact quantum of increase will vary by specific models and markets,” it added.

Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp, said, “The upward revision of the prices of our motorcycles and scooters has been necessitated due to overall inflationary costs. We will continue to provide innovative financing solutions in order to cushion the impact on the customers.”

“We have also put in place accelerated savings programs, which will help us to offset any further cost impact, and drive improvement in margins. Moving forward the economic indicators are favorable to a growth in demand, and we expect industry volumes to pick up in coming quarters,” he said.

In September this year, Hero MotoCorp raised the prices of its vehicles by up to INR 1,000 to offset high input costs.

Before that, the company hiked prices of motorcycles and scooters by up to INR 3,000 from July 1 to partially offset the steadily growing overall cost inflation, including commodity prices.

The two wheeler maker had also increased the ex-showroom prices of its vehicles by up to INR 2,000 from April 5, 2022.

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