Hero MotoCorp to increase costs of motorcycles and scooters
Indian two-wheeler manufacturer Hero MotoCorp said that it will increase the ex-showroom prices of its motorcycles and scooters because of overall inflationary costs.
The increased prices will come into effect from 1 December 2022.
According to Hero MotoCorp, the increase in prices will be up to INR 1,500. The exact quantum of increase will be based on specific models and markets.
Niranjan Gupta — Hero MotoCorp Chief Financial Officer said: “The upward revision of the prices of our motorcycles and scooters has been necessitated due to overall inflationary costs. We will continue to provide innovative financing solutions in order to cushion the impact on the customers.
“We have also put in place accelerated savings programs, which will help us to offset any further cost impact, and drive improvement in margins. Moving forward the economic indicators are favorable to a growth in demand, and we expect industry volumes to pick up in coming quarters.”
Last month, Hero MotoCorp forayed into the Philippines and the Southeast-Asian market by partnering with Terrafirma Motors (TMC).