Hero MotoCorp Announces Third Price Hike This Year Citing Higher Input Costs
India’s largest two-wheeler maker plans to hike its vehicle prices owing to continuous increase in commodity prices.
Hero MotoCorp Ltd. said in a statement on June 22 the ex-showroom prices of its two-wheelers and scooters will be hiked by up to Rs 3,000 from July 1. “The company continues to drive cost savings programme aggressively, in order to minimise the impact on the customer.”
Earlier this week, India’s largest car maker, Maruti Suzuki India Ltd., too, said it will hike prices of its cars in the second quarter of the ongoing financial year. It, however, didn’t specify the quantum of the hikes planned and said it will vary depending on the model.
This is the third such price hike by automakers this year, who have cited increased commodity costs. Most automakers, including Hero MotoCorp, Maruti Suzuki and Tata Motors Ltd. among others hiked prices first in January and then between April and May.