Hero MotoCorp to hike prices across its model range from January
Hero MotoCorp on Wednesday announced that it is set to hike prices across its model range from January 1st, 2021. The company said in a press note sent recently that prices of its motorcycles will increase by up to ₹1,500 and the hike will vary across the models.
Hero indicated that the price hike is a result of the increment in commodity prices and various other input costs. "There has been a steady rise in commodity costs across the spectrum, including steel, aluminium, plastics, and precious metals. We have already accelerated our savings programme under the Leap-2 umbrella, and will continue to work on mitigating the impact, with the objective to reduce the burden on the customers and protect our margins," Hero MotoCorp said in a press note on Wednesday.
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The new announcement has been received at a stage when the market is still in recovery mode post the lockdown induced disruptions.
"In order to partially offset the impact of the commodity costs, we will be increasing the prices of our products by up to ₹1500, with effect from January 1, 2021. The increase will vary across models, and the exact quantum will be communicated to our dealers in due course," Hero MotoCorp further added.
India's biggest two-wheeler maker has recently announced that it has appointed global mobility expert Michael Clarke as Chief Operating Officer, with the additional role of Chief Human Resources Officer. (More details here)