Rising input costs have forced India's largest two-wheeler maker Hero MotoCorp to increase the prices of motorcycles and scooters starting next month. In a statement to exchanges, the company said: "Hero MotoCorp will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from April 1, 2021."
Hero said the price hike has been necessitated to partially offset the impact of increased commodity costs. "The company has accelerated its cost-savings programme to ensure minimal impact on the customer," Hero added.
The company did not give specific details about the quantum of the price hike. Hero said the price increase across the range of two-wheelers will be up to Rs 2,500, and the exact quantum of the increase will vary based on the model and the specific market.
The announcement to hike prices by Hero comes a day after India's largest carmaker Maruti Suzuki said it will raise vehicle prices from April given high commodity prices.
Maruti said over the past year, the cost of the company's vehicles has been impacted adversely due to an increase in various input costs. This price increase will vary for different models, Maruti said, without specifying the quantum of price hike. Maruti Suzuki also increased vehicle prices by up to Rs 34,000 earlier this year. Nissan and its sister brand Datsun will also hike prices starting April 1.
Hero MotoCorp stock was trading at Rs 6.65 (0.12 per cent), up at Rs 3,074 from its previous close of Rs 30067.45 on the NSE on Wednesday at the time of filing the story.