Hero MotoCorp to implement price hike from July 1
Hero MotoCorp, the world's leading two-wheeler manufacturer, has announced a price increase across its entire range of bikes and scooters in India starting July 1, 2024. The company revealed in an official press release that the hike could be up to ₹1,500, with the exact amount varying by model. The decision was made to partially offset the impact of rising input costs.
Price hike to impact all models
The price revision will affect all vehicles offered by Hero MotoCorp, including popular options like the Hero Splendor, Hero Passion, as well as Hero Glamor. Despite being a major player in the Indian two-wheeler segment and exporting to several foreign markets, the company experienced a 7% sales drop in May 2024. However, it managed to offset some of this loss by exporting more units in May 2024 than in May 2023.
Shares rise following price hike announcement
Following the announcement of the price increase, shares of Hero MotoCorp turned positive. The company's stock rose by 0.38% to hit a day high of ₹5,472.35 apiece. This comes despite a decrease in sales by 7% (year-on-year) to 479,450 units in May 2024, compared to 508,309 units in May 2023. However, increased exports helped offset some of this loss with 18,673 units exported in May 2024, as against 11,165 units in May 2023.
