Hero MotoCorp Announces 4th Price Hike: Bikes to Get Costlier From Dec 1

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Hero MotoCorp Announces 4th Price Hike: Bikes to Get Costlier From Dec 1
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The country’s largest two-wheeler manufacturer Hero MotoCorp (NS: HROM ) has announced that it will raise the prices of its motorcycles and scooters by up to Rs 1,500, starting Dec 1, 2022.

In its fourth hike in the ongoing fiscal year, Hero Moto said that it will make an upward revision in the ex-showroom prices of its two-wheelers from Dec 1, with the price hike varying across specific models and markets.

The auto giant has attributed the price hike to the overall inflationary costs. However, it will continue providing innovative financing solutions to mitigate the impact of the hike on customers, stated the company’s CFO Niranjan Gupta.

“We have also put in place accelerated savings programs, which will help us to offset any further cost impact, and drive improvement in margins,” he added.

The economic indicators point towards favourable demand growth going ahead, expecting the industry volumes to pick up in the upcoming quarters.

Hero Moto has extended price hikes across its models in April by up to Rs 2,000, followed by an up to Rs 3,000 price rise in July and by up to Rs 1,000 in September this year to offset the high input costs.

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