Car and bike buyers are set to hit inflation in the new year. Now Hero MotoCorp has also announced an increase in the price of its bikes up to Rs 1,500 from January 1. The company says it has been forced to raise prices due to rising crude oil costs. Earlier, companies like Maruti and Mahindra had announced price hikes for their cars and other vehicles.
The vehicles of these companies will be expensive
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The country's 4 largest auto companies are going to increase the prices of their cars, SUVs. These include Maruti, Mahindra, Kia, Hyundai. These companies can make their cars more expensive from January 2021. Let it be known that most companies may increase the price of their products at the beginning of the year.
What Hero Motocorp said
"We are raising the price of our products from January 1, 2021 to partially offset the rising impact of commodity costs," Hero MotoCorp told the Bombay Stock Exchange.
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Why the price is rising
The company said the increase would vary depending on the model and details would be sent to dealers soon. Hero says the cost of raw materials like steel, aluminum, plastics and precious metals is constantly rising. The company said it has accelerated its savings program under Leap-2 Umbrella and will try to minimize the impact of increased costs on customers.
Huge sales in the September quarter
Hero MotoCorp's net profit rose 8.99 per cent to Rs 953.45 crore in the July-September quarter. Meanwhile, the company's revenue rose 23.7 per cent to Rs 9,367 crore. The company had sold a total of 18.22 lakh vehicles in the September quarter.
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