Hero MotoCorp, country's largest two-wheeler manufacturer, on Monday, announced an increase in prices across its range. Hero motorcycles and scooters in India will now get expensive by up to 1 per cent. The company said that the increase in prices of its two-wheelers will become applicable with immediate effect. The 1 per cent increase will be on the ex-showroom prices of the products. That said, the change is going to vary depending upon the model and the specific market in which it is sold. The company, however, did not state the reason due to which it has decided to increase the prices.
In other news, Hero MotoCorp announced the appointment of Rajat Bhargava as the head of its newly created 'Emerging Mobility' unit. The same is going to focus on helping Hero take a slice of the electric vehicle market in India. In its budget announcement last week, the government, in order to promote faster adoption of electric vehicle in India, proposed tax waivers on the loans on the purchase of electric vehicles. In addition to this, in order to boost sales, import taxes on some of the auto components were also removed.
It was reported last month that Niti Aayog, government's think tank, in order to fast track electrification in the two and three wheeler segment, had proposed by all three-wheelers should be converted to all-electric models by 2023 while all two-wheelers, under 150cc, should be converted to electric models by 2025.
Hero said in a statement that it has created the 'Emerging Mobility' business unit in order to provide the required boost to new mobility trends such as electric vehicles. In addition to the appointment of Rajat Bhargava as the new head of its new 'Mobility unit', the two-wheeler manufacturer has also Vikram Kasbekar as its chief technology officer. He replaces Markus Braunsperger.
Inputs: PTI & Reuters