Hero MotoCorp has announced a price increase for its select motorcycles and scooters, effective from 1 July 2024. This price hike will be up to Rs. 1,500, varying based on the model and region.
Reasons for the Price Hike
The primary reason behind this price increase is the rising input costs. Hero MotoCorp has stated that this increment is necessary to partially offset the impact of these escalating costs. Over the past year, the automotive sector has faced significant challenges due to the increased prices of raw materials such as steel and nickel, which are crucial for manufacturing both internal combustion engine (ICE) and electric two-wheelers. These rising costs have compelled manufacturers to pass on some of the burden to consumers.
Transparent Pricing Strategy
Unlike many other companies that adjust their prices without prior notice, Hero MotoCorp is known for announcing price hikes in advance. The last such announcement was made in October 2023 for similar reasons. This transparent approach helps customers and dealers prepare for the changes, ensuring a smoother transition.
Impact on Hero MotoCorp’s Portfolio
Hero MotoCorp has a diverse range of motorcycles and scooters, catering to various segments of the market. Here are some key models affected by the price hike:
- HF Deluxe: The most affordable offering from Hero, starting at Rs. 57,500.
- Karizma XMR: The flagship model, priced at Rs. 1.80 lakh.
- Vida V1: An electric scooter starting at Rs. 1.30 lakh.
(All prices are ex-showroom, Mumbai.)
