New Delhi: The world’s largest two-wheeler maker Hero MotoCorp announced on Thursday that it will raise non-showroom prices for the entire range of motorcycles and scooters up to INR. 3,000, starting September 20, 2021. The exact amount of the increase will depend on the model and the market.
This will be the two-wheeler manufacturer’s third price hike in a year after the April and July reviews.
“The price hike was necessary to offset the impact of steadily rising raw material prices,” the automaker said in a statement.
“With several positive indicators, the company remains optimistic about demand as it prepares for the next holiday season,” the statement added.
In August 2021, the company recorded 431,137 units sold in the domestic market, down 24% from 568,674 units in August 2020.
In the photovoltaic segment, several car manufacturers like Maruti Suzuki, Tata Motors have also increased the prices of their car models due to the increase in the prices of raw materials.