Hero MotoCorp, India’s leading two-wheeler manufacturer, announced an upward revision in ex-showroom prices for select motorcycles and scooters, effective July 1, 2024. The price increase will vary by model and market, with a maximum limit of ₹1,500.
This adjustment is necessary to offset rising input costs, the company stated. It follows similar price adjustments implemented earlier in 2023. In October, Hero MotoCorp raised prices by around 1% to account for inflation and market competitiveness. In July 2023, the company implemented a 1.5% price increase for similar reasons, reflecting their ongoing review process that considers factors like input costs, market positioning, and business needs.
Impact on Popular Models and Recent Developments
The price revision will apply to all Hero MotoCorp models, including its best-selling Splendor, Passion Pro, and Glamor. This comes as the company, holding the title of the world’s largest two-wheeler manufacturer, recently ventured into the competitive mid-capacity segment with the launch of its biggest motorcycle yet, the Xpulse 440 , Additionally, Hero MotoCorp is gearing up to launch an updated version of its popular Destini 125 scooter in the coming months.
Sales Figures
Despite its dominant position, Hero MotoCorp’s sales figures for May 2024 show a 7% year-on-year decline compared to May 2023. The company sold a total of 4.79 lakh units last month, down from 5.08 lakh units the previous year. However, Hero MotoCorp’s export performance remains positive, with 18,673 two-wheelers shipped in May 2024.