“The price hike has been necessitated to partially offset the impact of continuous increase in commodity prices. The company continues to drive cost savings program aggressively, in order to minimize the impact on the customer”, Hero MotoCorp said in a statement.
The price hike across the range of motorcycles and scooters will be up to Rs. 3,000 and the exact quantum of the increase will depend on the basis of the model and the specific market.
Carmaker Maruti Suzuki too announced plans to raise prices across its range of vehicles next quarter to offset an increase in input costs on Monday. The company did not specify the quantum of the price hikes planned, but those will vary depending on the models. This will be the third price hike by the company this year citing commodity cost.
Korean rival Hyundai Motor, however, has said it does not have any immediate plans to hike vehicle prices in India, despite the pressure from higher commodity costs. The company said currently it is working on controlling costs.
