Hero MotoCorp will increase the ex-factory prices of its range of two-wheelers from April 1, 2023, the company said in a regulatory filing. Price increases will be around 2%, mainly due to increased costs following compliance with OBD 2 and RDE regulations. The new emission standards will apply to all vehicles from April.
The exact price increase will vary by model and market, Hero MotoCorp said. At the same time, the two-wheeler giant promised to provide customers with “innovative” financing solutions to cushion the impact of price increases.
Also read: Hero MotoCorp sells 394,000 motorcycles and scooters in February, up 10%
Manufacturers expect sales to pick up this year as the mass-market two-wheeler industry recovers slowly in the post-pandemic era. Hero MotoCorp said it has been witnessing strong growth in demand due to government programs in the social sector and healthy agricultural output. A healthy monsoon will further boost growth and demand in the rural sector, which will lead to the upcoming festive season in the second half of the calendar year.
In terms of models, Hero recently launched the Xoom 110 scooter, bringing new technology and innovation to the 110 cc scooter segment. The Hero Splendor XTEC was also launched earlier this year. From April, all of the company’s models will be transitioned to the latest emissions regulations. Other manufacturers have raised their respective prices by 2-3%, depending on which models follow the latest emissions standards.
First published date: March 22, 2023 at 16:37 PM CST