One of the largest two-wheeler manufacturers’ in the world, Hero MotoCorp has announced that the company will be hiking the prices on its two-wheeled products from 1st January 2021. The rise in price will be up to INR 1,500 and the exact amount will vary across the product line. The brand has also announced that the absolute price will be communicated to the Hero MotoCorp dealerships in due course.
Hero MotoCorp has revealed that the constant rise in commodity costs across the materials which includes steel, aluminium, precious metals and plastics. The company has also announced that it has expedited the savings programme under the Leap-2 Umbrella and it plans to continue to work on alleviating the impact with the goal to reduce the burden on the customer as well as protect the company’s margin.
The brand in the 32-day festive period which is spread between the first day of Navratra, concluding on the day of Bhai Duj between the months of October-November, the brand has sold more than 14 lakh units of motorcycles and scooters in retail sales, reducing the dealership inventory to four weeks which is the lowest-ever post-festive stock.
In November 2020, Hero MotoCorp recorded sales of 591,091 units of motorcycles and scooters out of which 541,437 units of motorcycles and 49,654 units of scooters. The Domestic market sales figures stood at 575,957 units while 15,134 units were exported. In October 2020, Hero MotoCorp registered record sales of 806,848 units of motorcycles and scooters, the highest-ever sales in any single month despite COVID-19 pandemic disruptions.
The brand has also made an alliance with heritage American motorcycle manufacturer Harley-Davidson, under which Hero MotoCorp will carry out the duties of sales, service, spares, accessories, warranty, merchandise and H.O.G activities from January 2021. Under the strategic alliance, Hero MotoCorp will also develop and produce Harley-Davidson motorcycles in the Indian market. It is also being rumoured that Hero MotoCorp will be developing an India-specific low displacement Harley-Davidson model which will in the future be exported to other emerging markets. The company has also recently filed the ‘XTEC’ trademark under the Nice Classification 12 leading us to believe that a new Enduro/Adventure class motorcycle could also be under development, based on the Hero 450 Rally that was recently revealed for Dakar 2021.
