Hero MotoCorp to Raise Two-Wheeler Prices by 1.5% Amidst Weak June Sales
Hero MotoCorp, a leading motorcycle and scooter manufacturer, will raise the prices of its vehicles starting from July 3, 2023. The company announced a moderate increase of around 1.5% on the ex-showroom prices of its motorcycles and scooters. However, the actual percentage may differ across various models and markets.
Hero MotoCorp experienced a decline in sales during June 2023 compared to the same period last year. Overall sales amounted to 436,993 units, reflecting 10% drop from the previous year's sales of 484,867 units. Domestic sales decreased by 8.7% to 422,757 units compared to 463,210 units in June 2022. Similarly, exports suffered a substantial decline of 34.3%, with only 14,236 units exported in June 2023 compared to 21,657 units in June 2022.
Hero MotoCorp, a key player in the Indian two-wheeler market, has raised prices due to factors like rising input costs, inflation, and market dynamics. They aim to stay profitable and maintain their industry position by adjusting vehicle prices and finding a balance between customer value and financial stability.
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