Hero MotoCorp, an Indian two-wheeler manufacturer, has announced a price hike. The two-wheeler maker mentioned that it will increase the prices of specific motorcycle and scooter models. The price hike will happen by approximately 1.5 per cent starting July 3. The price hike is due to multiple factors. This includes price positioning, input costs, and business requirements. The extent of the increase will vary across different models and markets, as stated in an exchange filing.
Hero MotoCorp And The Story Till Date
Earlier in March, Hero had already raised prices by 2 per cent for selected models. This was to meet the additional costs associated with complying with new emission regulations, which came into effect the following month.
In May 2023, Hero reported a year-on-year sales increase of 6.7 per cent, with a total of 519,474 units sold. This was disclosed in an exchange filing on June 1. The company remains optimistic about growth in demand. Citing the onset of the monsoon season and positive economic indicators. Additionally, industry volumes will most likely rise in anticipation of the upcoming festive season.
This announcement comes in the wake of an investigation ordered by India’s Ministry of Corporate Affairs. This aims to assess Hero’s relationship with a third-party vendor in a case related to alleged fund diversion, according to a Reuters report.
Hero MotoCorp And Its Future Plans
During the launch event of the new Hero Xtreme 160R 4V, Hero MotoCorp expressed its commitment to revitalising its presence in the premium segment of the two-wheeler market. In fact, Hero MotoCorp also unveiled the company’s two-pronged product strategy at the event. The first aspect involves introducing new or updated products at a rapid pace. Meanwhile, the second aspect focuses on enhancing the retail experience for customers. This is particularly for Hero’s premium offerings. This will involve establishing a dedicated network that caters specifically to premium products, aiming to position and differentiate them within the market.
Also Read: Hero MotoCorp will launch 4 new premium motorcycles soon
