Hero MotoCorp has confirmed that it will implement a price hike on its motorcycles and scooters from 3 July.
The company cites a multitude of factors, including the escalating input costs, as the primary reason behind the decision. This move comes after a previous price increase of approximately 2 per cent in April earlier this year.
In an official statement released on Friday, Hero MotoCorp mentioned that the exact percentage of the price hike will vary based on specific models and regional markets. The company explained that the revision is a part of their periodic price review, which considers factors such as price positioning, input costs, and business imperatives.
To alleviate the impact on customers, Hero MotoCorp assured that it will continue to offer innovative financing programs. This initiative aims to minimize the financial burden on buyers amidst the price escalation.
With the monsoon season commencing in most parts of the country and positive economic indicators, the company anticipates a growth in demand and an upswing in industry volumes. This projection aligns with the approaching festive season, which traditionally witnesses increased sales in the automotive sector.