Hero MotoCorp on Tuesday has announced that it will increase its prices by up to rupees 3 thousand in the entire range motorcycles and scooters from July 1, 2021.
The auto company in a statement said that the exact price hike will depend on the basis of the particular model.
The two-wheeler manufacturer claimed in its statement that the Hero MotoCorp two-wheelers will witness hike in their prices as a result of the higher raw material prices that resulted in increased production cost.
Earlier in March, the auto industry decided to hike price in its products as increase in commodity cost was adversely impacting the cost of operations.
The auto industry came under pressure from the first week of April when Maharashtra, Delhi, Haryana, Karnataka, Tamil Nadu began strict lockdown measures. Hero MotoCorp Ltd, Hyundai, Maruti Suzuki and others either stopped the production or reduced output significantly.
Hero MotoCorp is not the first auto company to announced a price hike. India's largest car manufacturer Maruti Suzuki India Limited (MSIL) also announced that it will increase prices of its cars in the second quarter of the year 2021-22.