India’s Hero MotoCorp, the world’s largest two-wheeler maker by sales, said on Friday it would increase the prices of its motorcycles and scooters from Dec. 1 by up to 1,500 Indian rupees ($18.37) due to costs related to inflation.
“The exact quantum of increase will vary by specific models and markets,” the company said in a stock exchange filing.
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Hero MotoCorp will make an upward revision in the ex-showroom prices of its motorcycles
and scooters, effective from December 1, 2022. The price increase will be up to Rs 1500 and the exact quantum of increase will vary by specific models and markets, said the company.
Announcing this here today, Mr. Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp, 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.”
