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Hero MotoCorp has just announced that it will be increasing the prices of its two-wheelers in India from December 01, onwards.
According to India's largest two-wheeler manufacturer, the prices of its motorcycles in the country will be hiked up to Rs 1,500 from the last month of the year.
The last time Hero MotoCorp hiked the prices of its two-wheelers was back in September 2022, where the prices of its motorcycles and scooters were hiked up to Rs 1,000. This means the upcoming price hike announced by Hero MotoCorp in December 2022 will be the company's fourth price hike this year.
Diving into details, Hero MotoCorp has stated that the price hike was being implemented to compensate for the rising cost inflation. Furthermore, the latest price hike announced by Hero MotoCorp would affect most of its motorcycles and scooters including the likes of entry-level models such as HF Deluxe, Splendor, Pleasure, etc.
While OEMs generally try to avoid price hikes as it can lead to a dip in overall sales figures, sometimes price hikes cannot be avoided by automotive manufacturers as general price absorption techniques such as process optimisations and reduction in production cost fail to overcome the input cost inflation.
However, to ensure improved sustainability of business and minimise the effect of price hikes on general consumers, Hero MotoCorp has said that it will provide innovative financing options to its customers. This is most likely to be implemented through reducing down payment and effective interest rates.
Furthermore, Hero MotoCorp has also launched an accelerated savings program within the organisation to protect its consumers from price hikes in the future. According to the company, this accelerated savings program will not only absorb cost impact, but it will also improve profit margins as well.
In a bid to attract more customers, Hero MotoCorp has also launched an online exchange program, where two-wheelers that are less than 15 years old can be exchanged. Furthermore, the customer will get an instant quote by providing some details about the condition of the two-wheeler to be exchanged.
Thoughts About Hero MotoCorp Price Hike
While this is the fourth price hike Hero MotoCorp will be implementing, we do not expect to see any significant drop in sales figures for India's largest two-wheeler manufacturer. Furthermore, we expect the online exchange program and newer finance schemes to extend the company's lead in the Indian two-wheeler market.