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Hero MotoCorp has announced that they will be increasing the prices of their two-wheeler lineup in the Indian market, starting from January 2021. All models in the brand's lineup will receive a price hike of Rs 1,500 from next month.
The company stated that the price hike is to partially offset the commodity prices and the rising input costs. With the announcement, Hero MotoCorp became the first two-wheeler manufacturer in the country to confirm a price hike on their models.
While the maximum price increase of Rs 1,500 has been mentioned, the company has stated that the exact amount will vary between models and their variants. The exact model-wise price increase of both its bikes and scooter offerings will be announced in due course.
Hero MotoCorp said, "In order to partially offset the impact of the commodity costs, we will be increasing the prices of our products by up to Rs 1,500, with effect from January 1, 2021. The price hike will vary across models, and the exact quantum will be communicated to our dealers in due course."
The company further added, "There has been a steady rise in commodity costs across the spectrum, including steel, aluminium, plastics, and precious metals. We have already accelerated our savings programme under the Leap-2 umbrella, and will continue to work on mitigating the impact, with the objective to reduce the burden on the customers and protect our margins."
The company entered the last month of the 2020 calendar year on a positive note. Hero MotoCorp registered 14.4 per cent improvement in sales in November 2020, compared to the same month last year.
Hero MotoCorp also managed to register robust sales during the 32-day festive period in India. The company registered 14-lakh units of sales in the festive period between Navratri and Bhai-Duj.
Thoughts On The Hero MotoCorp Price Hike From January 2021
Hero MotoCorp is the first two-wheeler brand in India to announce a price hike. However, we expect many other two-wheeler manufacturers to also announce a price increase in the coming weeks. Hero MotoCorp will be hoping to attract more sales in December 2020, before the price hike scheduled next month.