India’s leading bike maker, Hero MotoCorp has announced a price hike on its entire range of two wheelers. The hike will be effective from 1 December 2022, on all the ex-showroom price of its motorcycles and scooters. Almost all automotive sector companies announce a price hike towards the end of the year. This is due to multiple factors, which could include ricing input costs, change in duty / import structure, rising costs of precious metals, limited availability of semiconductors and more.
While the variant-wise exact amount of hike has not yet been announced, Hero says that it will be a maximum of INR 1,500.
The hike was announced by Mr. Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp. He also said that the hike was due to the overall inflation of the input costs.
The bike maker is also working to offer attractive finance schemes to ensure that the quantum of hike is not felt by the customers. They are also working on saving programs, which would help the company offset any further cost hike and result in an improvement in the margins. Additionally, the economy looks like it will improve in the future, resulting in higher sales volume for the industry.
Hero MotoCorp had announced the Hero GIFT- Grand Indian Festival of Trust. Under this initiative, the brand launched exciting model refreshes, retail benefits, a slew of financing schemes, pre-booking offers, and much more. The company announced a total sales of 4,54,582 units back in October 2022. Festivals like Dussehra and Diwali helped boost the sales in the month of October this year. Additionally, Hero also mentioned the dispatch sales of October are not comparable to the previous years. This is because the festival days are usually spread across the months of October and November.
Also Read – Hero MotoCorp sold 4,54,582 two-wheelers in October 2022