Hero Bikes: Hero MotoCorp announced today, June 24, that it will increase prices for specific motorcycles and scooters starting July 1, 2024.
The company disclosed today that starting Monday, ex-showroom prices of select models will be raised by as much as ₹1,500. The precise increment will vary based on the model and market conditions.
The two-wheeler manufacturer indicated that the price adjustment is essential to mitigate some of the effects of increased input costs. However, the press release did not specify the particular models that will be affected by the price hike.
Hero MotoCorp’s decision follows similar actions by other vehicle manufacturers. For example, Tata Motors recently announced a price increase for its commercial vehicles, set to take effect in July 2024. The hike, up to 2%, will affect all commercial vehicle models and variants, reflecting increased commodity costs as stated by Tata Motors.
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Following the announcement, Hero MotoCorp’s share price remained largely unchanged. As of the latest update on Monday, the stock had a marginal increase of 0.055%, trading at ₹5,455.00.
In May 2024, Hero MotoCorp held a market share of 30.42%. However, its year-on-year (YoY) sales saw a decline of 17%. Specifically, the company sold 4,43,381 bikes and scooters in May 2024 compared to 5,12,124 units sold in April 2024, marking a month-on-month (MoM) decrease of 13.5%.
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