Hero MotoCorp has announced that it will increase the prices of all its two-wheelers like the Splendour, Xpulse, Destini 125, Pleasure, among others, from December. Depending on the model, the prices will be hiked by up to Rs 1,500.
Hike attributed to inflation, input cost increase
Fifth price increase this year
Niranjan Gupta, CFO, Hero MotoCorp, said that prices were being raised due to the impact of inflation costs and the increase in cost of commodities. That said, the company is working on finance schemes that will help the customer manage the rise in the prices of its two-wheelers. Gupta also stated that Hero MotoCorp has initiated an ‘accelerated savings programme’ that will enable the company to offset any further rise in costs.
It must be noted that the price hike in December will be Hero MotoCorp’s fifth in the year to date. Including previous hikes this year (on January 4, April 5, July 1 and September 22), the cumulative increase comes up to Rs 9,500 on the company’s range of motorcycles and scooters.
In other news, Hero MotoCorp’s sales grew by 11.49 percent in this fiscal year. At present, the company has a 31.67 percent share of the overall Indian two-wheeler market.