Hero MotoCorp to hike prices across range from December 1
- Prices have been hiked by up to ₹1,500 but the exact quantum of increase will depend on the model and market, the company said in a statement.
Hero MotoCorp will be increasing prices across its motorcycle and scooter range with effect from December 1, 2022. Prices have been hiked by up to ₹1,500 but the exact quantum of increase will depend on the model and market, the company said in a statement. The company announced that overall inflationary costs forced the manufacturer to increase prices.
Also Read : Hero MotoCorp sells 4.54 lakh motorcycles & scooters in October 2022
Announcing the same, Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp, said, "The upward revision of the prices of our motorcycles and scooters has been necessitated due to overall inflationary costs. We will continue to provide innovative financing solutions in order to cushion the impact on the customers. We have also put in place accelerated savings programs, which will help us to offset any further cost impact, and drive improvement in margins. Moving forward the economic indicators are favourable to a growth in demand, and we expect industry volumes to pick up in coming quarters."
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This will be Hero's fourth price hike this year. The two-wheeler giant previously hiked prices in September by up to ₹1,000, citing rising input costs as the reason. Hero MotoCorp's two-wheeler range starts with the HF 100, HF Deluxe, Splendor+, and Glamour, going up to the XPulse 200 4V in the motorcycle segment. The scooter segment starts with the Pleasure+ 110, and Maestro Edge 110, going up to the Destini 125.
Prices hikes are most common towards the end of the year with manufacturers setting up for the new calendar year. However, supply-chain constraints still remain a reality in the post-pandemic era and inputs costs for raw materials have considerably gone up across the market. Expect other two-wheeler players to announce price increments across their respect motorcycle and scooters in the coming weeks.
In related news, Hero MotoCorp's electric sub-brand ‘Vida' inaugurated its first experience centre in Bengaluru. The company also commenced test rides for its maiden offering, the V1 electric scooter. The new offering is a rival to the likes of the Ather 450X and Ola S1 Pro. The model packs a 3.94 kWh battery with a range of 163 km (IDC) on a single charge. The scooter can sprint from 0-40 kmph in 3.2 seconds and has a top speed of 80 kmph. The Vida V1 range starts from ₹1.45 lakh for the Plus variant, going up to ₹1.59 lakh (ex-showroom) for the Pro variant. Vida plans to open new experience centres lined up in Jaipur and Delhi next.
