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India’s largest two-wheeler manufacturer Hero MotoCorp on Wednesday said that it will be increasing the prices of its products by up to ₹1,500, with effect from January 1.
It said there has been a steady rise in commodity costs across the spectrum, including steel, aluminium, plastics, and precious metals.
“We have already accelerated our savings programme under the Leap-2 umbrella, and will continue to work on mitigating the impact, with the objective to reduce the burden on the customers and protect our margins,” the company said in a statement.
The increase will vary across models, and the exact quantum will be communicated to its dealers in due course, it added.
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On Tuesday, Mahindra & Mahindra (M&M) had also announced that it will increase the price of its range of passenger and commercial vehicles, across models.
“This has been necessitated due to the increase in commodity prices and various other input costs. Details of the price increase across different models will be communicated in due course,” it had said.
Generally, most automobile companies announce price increases from January every year, to attract customers in December sales and clear its inventories at the year-end.
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