Hero MotoCorp bikes and scooters to be pricier by ₹3,000 from July 1
Hero MotoCorp on Thursday announced that it will increase the prices of its motorcycles and scooters by up to ₹3,000. The increased pricing across the range of motorcycles and scooters from the brand will be effective from 1st July 2022. The exact quantum of the price hike will be subject to the specific models and market, claimed the two-wheeler giant in a release.
The two-wheeler manufacturer claimed that this upward price revision has been necessitated to partially offset the steadily growing overall cost inflation, including commodity prices. The company said that increased raw material costs have caused rising production costs for the brand, which resulted in the decision to announce a price hike for its two-wheelers.
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This is not the first time Hero MotoCorp announced a price hike this year. Earlier, the largest two-wheeler manufacturer in India announced a price hike back in late March, under which it raised prices of its motorcycles and scooters by up to ₹2,000, which became effective from 5th April. The latest price hike announcement comes within two months of that, again raising the prices of the two-wheelers.
The two-wheeler manufacturers like the rest of the automotive industry have been witnessing several headwinds in the last several months. One of them is the rising costs of crucial raw materials including microchips. Apart from that, the ongoing war has been causing logistics problems for auto manufacturers.
While Hero MotoCorp has already announced a price hike, other two-wheeler and car manufacturers too are likely to follow the same path in the coming weeks.