Customers who are looking to purchase a Hero MotoCorp two-wheeler in the coming weeks should expect to pay a bit more than they would have a few months ago. However, the exact increase will vary depending on the model and market.
New Delhi: Hero MotoCorp, India’s largest two-wheeler manufacturer, has announced a modest price hike for select models, effective October 3, 2023. The exact quantum of increase and the names of the affected models have not yet been revealed.
Customers who are looking to purchase a Hero MotoCorp two-wheeler in the coming weeks should expect to pay a bit more than they would have a few months ago. However, the exact increase will vary depending on the model and market. It is important to note that this price hike is only for select models. Hero MotoCorp’s entire lineup will not be affected.
Hero MotoCorp, India’s largest two-wheeler manufacturer, raised prices for some of its models by 1.5% in July 2023. This is the second price hike the company has announced this year, and it comes just before the upcoming festive season, when automobile sales are typically at their highest.
The company has attributed the price hike to rising input costs and inflation. However, it is believed that the timing of the hike is also intended to capitalize on the festive season sales.
Why Is Hero MotoCorp Raising Prices Of Two-Wheelers
Hero MotoCorp has not yet said which of its two-wheeler models will be affected by the latest price hike. However, the decision comes during the ongoing festive season in India. The company is raising prices to maintain its competitiveness and address factors such as fluctuating input costs, as per a report in Dainik Jagran.
About Hero MotoCorp
Hero MotoCorp, India’s biggest two-wheeler maker, sells a wide range of motorcycles and scooters, from commuter models with 100cc engines to performance models with 210cc engines, as well as scooters with 125cc engines. However, the company has not yet announced which specific models will be affected by the latest price hike.
Hero MotoCorp reported a 6% increase in total sales in August 2023, selling 488,717 units. Domestic sales grew by 5% to 472,947 units, while exports increased by 32% to 15,770 units, as per a report in MoneyControl.
This is a positive sign for the company, as it shows that demand for its products is continuing to grow. The increase in domestic sales is particularly encouraging, as it suggests that consumers are confident in the Indian economy and are willing to spend money on new vehicles.