Hero MotoCorp, a prominent two-wheeler manufacturing company, announced on Monday that it will be implementing price increases for select motorcycles and scooters, effective from July 1st. The company revealed in an exchange filing that the price revision will range up to Rs 1,500, with the exact increase varying depending on the specific model and market. This upward adjustment in prices is attributed to the company’s efforts to partially offset the impact of rising input costs.
In May 2024, Hero MotoCorp recorded a sales figure of 498,123 units for motorcycles and scooters, reflecting a 4.1 per cent decrease compared to the 519,474 units sold in May 2023. Within the motorcycle segment, the company sold 4.71 lakh units in May 2024, indicating a 3.7 per cent decline from the 4.89 lakh units sold in May 2023. The scooters segment experienced a more significant downturn, with a nearly 11 per cent decrease, selling 26,937 units in May 2024 compared to 30,138 units in the previous year.
Domestic sales also showed a downward trend, registering a decline of nearly 5.7 per cent with 4.79 lakh units sold in May 2024 compared to 5.08 lakh units sold in the same month of the previous year. However, the company witnessed a notable surge in exports, soaring by 67 per cent, with 18,673 units sold in May 2024 compared to 11,165 units in May 2023.
