Hero MotoCorp is one of the biggest players in the Indian two-wheeler market. They’ve been in the game for decades and have become integral to our daily lives. From the iconic Splendor to the stylish Xtreme series, Hero has a bike for everyone.
The company has recently revealed its plans to hike the prices of its motorcycles and scooters starting from July 3, 2023. The company, known as the world’s largest producer of two-wheelers in terms of volume, stated that the price increase would be approximately 1.5 per cent.
This is the second price hike of this year. Hero MotoCorp had increased the prices of their two-wheelers in April, citing the transition to the OBD2 (On-Board Diagnostics 2) regulations.
The two wheeler manufacturer stated that the price increase for motorcycles and scooters is a part of their regular price review. The fluctuation in prices is due to the factors such as price positioning, input costs, and business needs.
In addition to that, the company aims to balance the price hike by providing more affordable financing programs to the customers, thereby minimizing the impact of the price hike on them.
Surprisingly, the price hike was announced just before the festive season. Usually, the festive season in India is when people tend to buy more. The company is hopeful about the monsoon season and positive economic indicators expected to drive demand.
As per the Hero MotoCorp, the industry volumes will substantially rise as the upcoming festive season approaches. However, the company is confident that the price hike will not affect the current demand in the market.
Recently, Hero MotoCorp unveiled the Passion Plus in the entry-level commuter segment. Simultaneously, they introduced the Xtreme 160 4V as a new premium commuter motorcycle, teasing their upcoming premium product strategy.
Hero is expected to introduce more motorcycles this year, with the much anticipated Karizma XMR 210 and a premium 125cc commuter. The Hero-built Harley-Davidson X440 will be the first to launch on July 3, 2023.
Thoughts On The Price Hike By Hero MotoCorp
According to the company, increasing prices by 1.5 per cent ahead of the festive season is a strategic move to align with market dynamics. Even though this is a blow to the potential customers, Hero has promised to offer affordable financing schemes.
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Keyword: Hero MotoCorp To Increase Prices From July 3 - Xtreme, Splendor, Xoom Will Get Pricier