Hero Motocorp has announced plans to make an upward revision in the ex-showroom prices of its motorcycles and scooters, effective from 1 December 2022. The price hike will be up to Rs 1500 and the exact quantum of increase will vary by specific models and markets, said the company.
As per reports, Hero MotoCorp Chief Financial Officer Niranjan Gupta said that the upward revision of the prices of the brand’s motorcycles and scooters has been necessitated due to overall inflationary costs. He also added that the company will continue to provide innovative financing solutions in order to cushion the impact on the customers.
In October 2022, Hero MotoCorp sold 4,54,582 two-wheelers recording a 17% YoY decline in sales. Out of these, 4,42,825 units were sold in the domestic market and the remaining 11,757 units were exported to other countries.
Niranjan Gupta has also said that the team is accelerating savings programmes which will help them to offset further cost impact, and drive improvement in margins. “Moving forward, the economic indicators are favourable to a growth in demand, and the company expects industry volumes to pick up in coming quarters,” he added.