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Hero MotoCorp is all set to hike prices for all its models in India. The new price revision will see Hero's scooters and motorcycles becoming more expensive by up to Rs 3,000 and the new prices will take effect from 01 July, 2022.
Hero MotoCorp is the largest two-wheeler manufacturer in the world and it makes a whole range of two-wheelers including some of India's bestsellers. Three of the top five bestselling motorcycles in India for May 2022 were all made by Hero MotoCorp.
The Hero Splendor, Hero HF Deluxe, and Hero Super Splendor cumulatively clocked a sales figure of nearly 4,00,000 units. While Hero seems to be doing extremely well in terms of sales, it does look like the revenue required by the brand isn't flowing in as required. This is due to an increased cost of production which in turn is owed to an increase in the cost of raw materials.
Hence, Hero MotoCorp has decided to increase the prices of its scooters and motorcycles by up to Rs 3,000. The exact price increase for each model hasn't been revealed yet, but we expect the new price list to be revealed by the end of this month before they come into effect on the first of July.
Hero MotoCorp has stated that the price revision is due to growing cost inflation and an increase in the prices of commodities. This has had an effect on the production costs, which in turn has led the brand to increase prices once again.
This is in fact, the second instance this year when Hero MotoCorp increased prices on its products. In the latter end of March 2022, the brand had announced a price hike of up to Rs 2,000 on its scooters and motorcycles and this came into effect on 05 April. Now, just over two months later, yet another price hike has been announced.
Thoughts On Hero MotoCorp Announcing Price Hike On All Its Models
Manufacturing an automobile in India is now an expensive affair and the consequences of the increased costs have to be borne by the end-user. This might affect sales numbers to a certain extent, however, we expect sales to keep going strong for the brand.