New Delhi [India], June 24 : Hero MotoCorp, one of the leading two-wheeler manufacturers in the country, has announced a price increase for its motorcycles and scooters starting from July 1, 2024. This information was conveyed by the company in a filing to the exchange on Monday.
"Hero MotoCorp will make an upward revision in the ex-showroom prices of select motorcycles and scooters, with effect from July 1, 2024," said the company.
The price increase will be up to Rs 1,500 on various models, although the exact amount will differ depending on the specific model and market.
"The price revision will be up to Rs. 1,500 and the exact quantum of increase will vary by specific model and market," the company clarified.
This means that while some models might see a smaller increase, others could reach the maximum threshold of Rs 1,500.
The company has attributed this price adjustment to the rising input costs associated with manufacturing. The company stated that the increase was necessary to mitigate some of these higher costs. "The revision has been necessitated to partially offset the impact of higher input costs," the company stated.
The two-wheeler sales in India experienced a marginal decline in May as compared to the same period in the previous year.
The major two-wheeler manufacturers of the country reported a decrease in sales numbers, reflecting a broader trend in the industry.
In May 2024 Hero MotoCorp, sold 498,123 units, marking a decrease from the 519,474 units sold in May 2023. This decline was observed in both the scooter and motorcycle segments.
Specifically, Hero MotoCorp's scooter sales fell to 26,937 units in May 2024, down from 30,138 units in May 2023. Motorcycle sales also saw a decline, with 471,186 units sold in May 2024 compared to 489,336 units in May 2023.
However, the company registered growth in export sales. Hero Moto Corp exports were up from 11,165 units in May 2023 to 18,673 units in May 2024.
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