Hero MotoCorp, a prominent player in the Indian two-wheeler market, has declared its decision to raise prices for selected models within its range of scooters and motorcycles. The price adjustment is scheduled to come into effect starting October 3, 2023, and is anticipated to result in an approximately 1 percent increase in the prices of the brand's vehicles.
Hero MotoCorp has clarified that the exact percentage of the hike will be model-dependent. This move is part of the company's routine assessment of product competitiveness and positioning, taking into consideration factors such as inflation.
This marks the third price hike by Hero MotoCorp in the fiscal year 2023-24, with previous increases of up to 1.5 percent. Additionally, the company had raised prices for select models in April 2023. Hero MotoCorp's recent announcement of a price hike also extends to the newly launched Karizma XMR, which saw a price increase of Rs 7,000, effective from October 1, prompting the temporary suspension of bookings for the model.
The company has experienced a notable year in the Indian market, with multiple new product launches, including variants of existing motorcycles, the upgraded Glamour, the all-new Karizma XMR, and the X440, a result of its collaboration with Harley-Davidson. The latter has garnered significant attention in the Indian market, with bookings surpassing 25,000 units in early August.