Hero MotoCorp to hike prices of two-wheelers by up to ₹3,000 from July 1
Hero MotoCorp on Tuesday has announced that it will increase the prices of motorcycles and scooters from July 1, 2021. The Hero MotoCorp two-wheelers will witness a price hike by up to ₹3,000 across the entire range, informed the two-wheeler giant in a statement.
The exact quantum of the price hike will depend on the basis of the particular model, as the auto company has said in a statement.
The latest price hike comes as a result of the higher raw material prices that resulted in increased production cost, as the two-wheeler manufacturer claimed in its statement.
The two-wheeler major said in a statement that the price hike has been necessitated to partially offset the impact of a continuous increase in commodity prices.
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Hero MotoCorp is not the first auto major that has announced price hike recently. India's largest car manufacturer Maruti Suzuki too announced a price hike of its cars in the second quarter of FY22.
Earlier this year in April, several automakers across passenger vehicles and two-wheeler segments announced price hike citing increased raw material cost and higher production costs. Such a frequent price hike could dent the already sluggish recovery of customer demands in Indian auto market.
The auto industry is slowly coming back to its feet on the back of the economic recovery due to the loosening Covid restrictions across states. However, a possible third wave of the pandemic is suspected to dent the auto sales again in the coming months.