Delhi-based Hero MotoCorp has decided to increase the prices of its motorcycles and scooters from September 20. This hike across Hero MotoCorp’s motorcycle and scooter portfolios will be up to Rs 3000. Hero MotoCorp’s official statement said that the exact quantum of hike is subject to the model and the market.
“The price hike has been necessitated to offset the impact of steadily increasing commodity prices,” the statement further mentioned. It further stated that the company is positive about demand for its products given the upcoming festive season and several other positive indicators.
Meanwhile, the two-wheeler major reported a 22 per cent dip in its total sales at 4.53 lakh units in August this year versus 5.84 lakh units sold to its dealerships in August 2020. “In the domestic market, the company sold 4.31 lakh units last month, down 24 per cent from 5.68 lakh units in the same period last year,” Hero MotoCorp said in a release.
Led by Dr Pawan Munjal, Hero has expanded its presence to 40 countries in Asia, south and central America and Africa. It has a dominant position in the Indian market with a whopping 50 per cent market share. It has eight manufacturing facilities – six in India and one each in Colombia and Bangladesh. The two-wheeler behemoth has an annual combined production capacity of approximately 9 million units of two-wheelers.
Edited by Mehak Agarwal; with agency inputs
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Also read: Hero MotoCorp sales decline 22.3% to 4.53 lakh units in August