Hero MotoCorp to hike prices of motorcycles, scooters from July 1

Hero MotoCorp, India's leading two-wheeler manufacturer, has announced another price increase for its motorcycles and scooters, effective from July 1, 2024. The price hike will be up to Rs 1,500, with the exact amount varying based on the specific model and market. Hero MotoCorp cites rising input costs as the main reason behind the latest price hike. The company has stated that the revision is necessary to partially offset these increased costs.

This price hike follows similar revisions implemented earlier. In October 2023, Hero MotoCorp announced an increase of around 1 per cent to offset inflation and market competitiveness. In July 2023, the company raised prices by around 1.5 per cent for similar reasons, citing part of the price review that the company undertakes from time to time, keeping in mind various factors like price positioning, input costs, and business imperatives.

The auto industry is facing an increase in raw material prices. Since January, China’s spot steel HRC prices, a key raw material, went down by 6 per cent. However, since spot prices of aluminium, copper, zinc, and tin were up by 9.7 per cent, 12 per cent, 7.2 per cent, and 28 per cent, respectively, on the London Metal Exchange (LME), input rates for the sector had gone up, leading the prices to rise.