Hero Motocorp raising prices
The country’s largest two-wheeler maker Hero Motocorp said on Tuesday, that they will make an upward revision in the ex-showroom prices of its motorcycles and scooters, starting from July 1, 2021. Hero Motocorp further added in their statement, “The price hike has been necessitated to partially offset the impact of continuous increase in commodity prices.
The company continues to drive cost savings programs aggressively, in order to minimise the impact on the customer.” The hike in the prices in the range of motorcycles and scooters will be up to ₹3000 and this quantum of increase will depend on the basis of the model and the specific market.
On Monday, carmaker Maruti Suzuki also announced their plans to raise their prices across their range of vehicles during the next quarter to offset the increasing prices of input costs. The company has not yet specified the quantum of the price hikes, but the prices will depend on the types of models.
This is going to be the third price hike by the company this year citing commodity cost. On the other hand, Korean rival Hyundai Motor said that they don’t plan on any price hikes in the immediate future in India, despite all the pressure from higher commodity costs. The company is currently working on controlling costs, they said.