Hero MotoCorp to raise prices of select vehicles by 2% from April
1 min read 22 Mar 2023, 06:51 PM ISTHero MotoCorp will continue to provide financing solutions in order to cushion the impact on the customers
PremiumMUMBAI : Two-wheeler maker Hero MotoCorp on Wednesday said it will increase the prices of some of its motorcycles and scooters by around 2% from 1 April, according to a stock exchange filing.
The company said that the upward revision in the ex-showroom prices of some two-wheelers is due to increase in costs for transitioning to on-board diagnostics (OBD2). Hero MotoCorp will continue to provide financing solutions in order to cushion the impact on the customers, it said.
“The rural markets have been witnessing an upswing in demand, thanks to the government schemes in the social sector and healthy agricultural outputs. This augurs well for the industry as the growth momentum is expected to lead into the upcoming festive season towards the latter half of the fiscal," the statement said.
Similarly, on 21 March, Tata Motors, India's largest commercial vehicle manufacturer, said it will implement a price increase of up to 5% on its commercial vehicles from 1 April. The decision to raise prices stems from the company's efforts to meet the more stringent BS6 phase II emission standards, according to a press release.
Tata Motors said that customers and fleet owners can expect a range of cleaner, greener, and technologically superior offerings that deliver higher benefits and lower total cost of ownership. The price increase will be applied to the entire commercial vehicle line, with the exact amount varying depending on the model and variant.
Shares of Hero MotoCorp ended 0.18% higher at ₹2,353.2 apiece, and shares of Tata Motors ended at ₹416.1, up 0.86% from its previous close on NSE.
