Hero MotoCorp announces price revision of its two wheelers wef January 4, 2022
Price hikes are inevitable. And for most auto manufacturers, an opportune time to make such an announcement happens to be the end of a calendar year. With a new manufacturing date on new model year production vehicles, each new year beckons the rise of purchase costs. A price hike announcement now is the first of several that are expected through each year.
Today, Hero MotoCorp announced an upward revision in ex-showroom prices of its motorcycles and scooters. This is wef January 4, 2022. Price revision is capped at up to Rs. 2,000. Exact quantum of increase varies based on model, and market.
Timely price revisions are introduced to partially offset the impact of steadily increasing commodity prices. Hero Motocorp will be increasing prices of all their scooters as well as motorcycles. The company currently offers Splendor, Passion, HF Deluxe, Glamour, Xtreme and Xpulse in the motorcycles range while Pleasure, Destini, Maestro are on offer in the scooters range.
Hero MotoCorp sales
Hero MotoCorp has for long enjoyed a coveted position at the top of the domestic sales chart. However this, coupled with limited exports meant Bajaj reported higher total sales in November 2021. So while Bajaj’s exports are stronger than domestic market sales, For Hero MotoCorp all that it is, is from the domestic market. Reputed as a leading mass market manufacturer in India, price hikes need to be thought out even more carefully.
This is because segments that Hero MotoCorp excels in are highly price competitive. And even a small upward revision needs to be introduced after much consideration, and in a timely manner. In November 2021, Hero MotoCorp reported a steep sales decline. Total sales fell to below 3.5 lakh units YoY from just under 6 lakh units.
Hero MotoCorp electric scooter
Hero MotoCorp is hopeful that the last quarter of FY22 will be more fruitful based on current economic indicators. Apart from it’s strong grasp on the Indian two wheeler market, sooner or later one’s going to start looking forward to electric two-wheelers from the manufacturer.
This is but a natural development considering future projection for electric vehicles. Keeping in mind the sheer number of two-wheelers sold each month in India, it’s no surprise that when the big electric wave comes through, it surely will be big.
For now the e2W market is dominated by electric scooters. In fact, of the longstanding names in India, TVS and Bajaj already sell a single electric scooter already. No such product has yet been launched by Hero MotoCorp. Current electric vehicle progression is diversified, and sees Hero invest in R&D of tech and companies in the field. As far as Hero e2Ws are concerned, one can expect to catch a glimpse of an electric scooter from Hero before the end of the current financial year.