Hero MotoCorp " India's biggest manufacturer of two-wheelers " has announced an imminent price hike for its entire portfolio of scooters and motorcycles effective next week, in order to partially offset the impact of rising input costs. Hero will make an upward revision in the ex-showroom prices of its motorcycles and scooters on 20 September, 2021, the company announced in a statement. This hike in prices has been necessitated by steadily increasing commodity prices.
The price hike across the range of motorcycles and scooters will be up to Rs 3,000 and the exact quantum of increase will depend on the model and the market, the two-wheeler major noted. This would be the company's third price 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 range of bikes and scooters in the domestic market, right from the Pleasure Plus scooter to the Xtreme 200 S motorcycle. Last month, the company's wholesales in the domestic market stood at 4,31,137 units, down 24 percent from 5,68,674 units in the same month of last year. Hero MotoCorp is also readying to launch its first electric scooter in the coming months.
In the last one year, there has been a gradual increase in the prices of various essential commodities like steel and precious metals. It has 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 the Celerio (which is due to be replaced by the second-gen model soon), by up to 1.9 percent. The company had noted that it has taken the decision to hike prices due to an increase in various input costs. It was MSI's third price hike this year.
With inputs from PTI