India's two-wheeler leader Hero MotoCorp on December 16 stated that it will increase prices of all its vehicles by up to Rs 1,500 from January 1, 2021. Citing the reason for the hike, the company said the decision has been made to offset the impact of rising input costs.
"In order to partially offset the impact of the commodity costs, we will be increasing the prices of our products by up to Rs 1,500, with effect from January 1, 2021. The increase will vary across models, and the exact quantum will be communicated to our dealers in due course," Hero MotoCorp said in a regulatory filing.
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Apart from this, the firm also mentioned the 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," it further added.
Earlier, automobile manufacturers like Maruti Suzuki India, Ford India and Mahindra and Mahindra too have said they would be increasing prices of their respective vehicles from January. They have cited similar reasons.
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