Hero MotoCorp, India’s largest two-wheeler manufacturer, has announced a modest price increase for specific models, effective from October 3, 2023. The exact extent of the price hike and the specific models affected have not been disclosed yet.
Price Hike Range For Hero MotoCorp
Customers planning to buy Hero MotoCorp two-wheelers in the coming weeks should anticipate slightly higher prices compared to a few months ago. However, the price hike will vary depending on the model and market. It’s important to note that this increase only applies to select models, and Hero MotoCorp’s entire lineup will not be impacted.
Hero MotoCorp had previously raised prices for some of its models by 1.5% in July 2023. This marks the company’s second price hike this year and conveniently coincides with the upcoming festive season, a period when automobile sales typically surge.
The company has attributed this price hike to escalating input costs and inflation. However, there is speculation that the timing of the hike is also aimed at capitalizing on the festive season’s high sales potential.
While Hero MotoCorp has not yet disclosed which specific two-wheeler models will be affected by this latest price increase, the decision aligns with the ongoing festive season in India. The price hike is a strategic move to ensure the company’s competitiveness and address challenges like fluctuating input costs, according to a report in Dainik Jagran.
Hero MotoCorp And The Road Ahead
Hero MotoCorp, India’s leading two-wheeler manufacturer, offers a diverse range of motorcycles and scooters, encompassing commuter models with 100cc engines to high-performance models with 210cc engines, as well as scooters with 125cc engines. However, specific details about which models will see price increases in this latest announcement have not been revealed.
In August 2023, Hero MotoCorp reported a 6% increase in total sales, with 488,717 units sold. Domestic sales experienced a 5% growth, reaching 472,947 units, while exports surged by 32% to 15,770 units, as reported by MoneyControl. This growth is a positive indicator for the company, reflecting continued demand for its products. The increase in domestic sales signifies consumer confidence in the Indian economy and a willingness to invest in new vehicles.
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