Hero MotoCorp Announces Price Hike From July 1

Hero MotoCorp announced today that it will be raising the prices of select motorcycles and scooters, effective July 1, 2024. The price hike aims to offset the rising costs of raw materials.

The price increase will vary depending on the specific model and location. Hero MotoCorp hasn't revealed details on which models receive the price hike. The maximum price hike for any model will be ₹ 1,500.

The automotive industry has been grappling with significant increases in raw material prices, particularly metals, since 2023. Steel prices saw a sharp uptick in 2023, driven by supply constraints and increased demand as economies recovered from the pandemic. Nickel, a crucial component in battery production for electric vehicles, also experienced price volatility, hitting multi-year highs in early 2024 due to geopolitical tensions and supply chain disruptions.