Two-wheeler market leader Hero MotoCorp Ltd. on Wednesday said it will increase prices of its vehicles by up to Rs 1,500 from Jan.1, 2021, to offset the impact of rising input costs.
There has been a steady rise in commodity costs across the spectrum, including steel, aluminium, plastics, and precious metals, the company said in a statement.
"In order to partially offset the impact of the commodity costs, we will be increasing the prices of our products by up to Rs 1,500, with effect from Jan. 1, 2021. The increase will vary across models, and the exact quantum will be communicated to our dealers in due course," it said.
The company further said, "We have already accelerated our savings programme under the Leap-2 umbrella, and will continue to work on mitigating the impact, with the objective to reduce the burden on the customers and protect our margins."
Already automobile manufacturers such as Maruti Suzuki India, Ford India and Mahindra & Mahindra Ltd. have stated that they would be increasing prices of their respective vehicles from January in order to mitigate the adverse impact of rising input costs, especially raw materials and commodity prices.
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