Hero MotoCorp, the country's largest motorcycle maker, said on Friday that it will increase the prices of its motorcycles and scooters by up to INR 1,500, starting December 1.
This is the fourth price increase announcement by the market leader in the current fiscal year.
“Hero MotoCorp will conduct an upward review of ex-showroom prices for motorcycles and mopeds, effective December 1, 2022,” the company said in a statement.
The statement said, "The price increase will be up to INR 1,500, and the precise amount of the increase would depend on particular models and markets.
Hero MotoCorp CFO Niranjan Gupta said: "An upward revision of our motorcycle and moped prices was necessary due to general inflationary costs. We will continue to offer innovative financing solutions to mitigate the impact on customers.”
"We have also implemented quick savings programs, which will aid in mitigating any future cost increases and enhancing margins. Going forward, economic indicators are favorable for demand growth and we expect supply volumes to industry will increase in the coming quarters”.
In September this year, Hero MotoCorp increased the prices of its cars by up to INR 1,000 to offset higher input costs.
Prior to that, the company had raised prices for motorcycles and scooters by as much as Rs. 3,000 from July 1 to partially offset the steady rise in total cost inflation, including raw material prices.
The two-wheeler maker has also increased the ex-showroom prices of its vehicles up to INR 2,000 from April 5, 2022.
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