The country’s largest two-wheeler maker Hero MotoCorp on Thursday said it’ll increase the worth of its entire model range by up to Rs 3,000 from next week so as to partially offset the impact of rising input costs.
The company will make an upward revision within the ex-showroom prices of its motorcycles and scooters, with effect from September 20, 2021, Hero MotoCorp said during a statement.
The price hike has been necessitated to offset the impact of steadily increasing commodity prices, it added.
The price hike across the range of motorcycles and scooters are going to be up to Rs 3,000 and therefore the reform the exact quantum of increase will depend upon the model and the market, the two-wheeler major noted. This would be the company’s third increase this year.
The company had earlier increased prices of its motorcycles and scooters by up to Rs 1,500 in January and again by Rs 2,500 in April this year citing rise in input costs.
Hero MotoCorp sells a variety of bikes and scooters within the domestic market. Last month, the company’s wholesales within the domestic market stood at 4,31,137 units, down 24 per cent from 5,68,674 units within the same month of last year.
In the last one year, there has been a gradual increase within the prices of varied essential commodities like steel and precious metals. it’s led to increased input costs for the automakers.
Earlier this month, the country’s largest carmaker Maruti Suzuki India (MSI) had increased prices of its entire product range, except Celerio, by up to 1.9 per cent. The company had noted that it’s taken the choice to hike prices thanks to a rise in various input costs.
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