The prices of Hero bikes and scooters in India will be increased starting in January 2021
Hero MotoCorp has added its name to the fast-growing list of automakers that will introduce a price increase for their vehicles in India starting January 2021. The decision, announced through a regulatory filing with BSE Limited, was made in view of rising input costs. The two-wheeler manufacturer explained that rising costs of raw materials, including steel, aluminum, plastics and precious metals, have resulted in higher production costs. Although it has already taken other measures to alleviate the impact, an increase in prices is still necessary in order to at least partially mitigate the impact of rising raw material costs.
Anyway, in short, the prices of the Hero two wheels in India will increase by ₹ 1,500. The company has clarified that the magnitude of the increase will vary by model and that the specifics of this price increase will soon be shared with Hero MotoCorp dealers in India.
In a regulatory statement, Hero MotoCorp said: “There has been a steady rise in commodity costs across the spectrum, including steel, aluminum, plastics and precious metals. We have already accelerated our savings program under the umbrella. Leap-2 and continue to work to mitigate the impact, with the aim of reducing the burden on customers and protecting our margins. In order to partially offset the impact of commodity costs, we will increase the prices of our products up to Rs. 1500, effective January 1, 2021. The increase will vary by model and the exact quantum will be communicated to our resellers in due course. “
Please note that this, i.e. price increases for cars and two-wheelers, are quite common this time of year. This is why many automakers, including Kia Motors, Maruti Suzuki and Hyundai, have already announced their decision to raise the prices of their vehicles starting January 2021.