price of Hero MotoCorp motorcycles will increase from January 1
Car and bike buyers are going to get a blow of inflation in the new year. Now Hero MotoCorp has also announced to increase the price of their motorcycles by Rs 1,500 from 1 January.
The company says that it has been forced to raise prices due to increased raw material costs. Earlier, companies like Maruti, Mahindra have announced to increase the price of their cars and other vehicles.
Many companies’ vehicles are expensive
4 big auto companies of the country are going to increase the price of their cars, SUVs. These include Maruti, Mahindra, Kiya, Hyundai. These companies can make their cars expensive from January 2021. Significantly, in the beginning of the year, most companies increase the price of their products.
What did Hero Motocorp say
Hero MotoCorp has told the Bombay Stock Exchange, “We are increasing the prices of our products from January 1, 2021 to partially compensate for the increasing impact of the cost of the commodity.”
Why rising prices
The company said that this increase will vary according to different models and the details will be sent to dealers soon. Hero says that the cost of raw materials like steel, aluminum, plastics and precious metals is continuously increasing.
The company said that it has stepped up its savings program under Leap-2 Umbrella and will try to minimize the impact of increased costs on customers.
Good sales in the September quarter
In the July to September quarter, Hero MotoCorp had increased 8.99 per cent in net profit and had a total profit of Rs 953.45 crore. During this period, the company’s income had increased by 23.7 percent to Rs 9,367 crore. The company has sold a total of 18.22 lakh vehicles in the September quarter.