Hero MotoCorp Ltd – country's largest vehicle manufacturer – on Monday announced that it will increase the price of its motorcycles and scooters from January 1, 2020. In a press release issued, the company mentioned that the price of its products will be increased up to ₹2000, across the product portfolio.
Vehicle manufacturers across categories announced a price increase in December to attract customers to showrooms and improve their retail sales.
"The price increase across its range of two-wheelers will be up to Rs. 2000/-, although the exact quantum of the increase will vary on the basis of the model and the specific market," added a spokesperson of Hero in a press release.
Last week Maruti Suzuki India Ltd – country's largest passenger vehiclemanufacturer – announced that it will increase prices of its offerings fromJanuary. The company did not specify the date of implementation or quantum ofincrease in the prices.
"Over the past year, the cost of the company's vehicles has been impacted adversely due to an increase in various input costs. Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase across various models in January 2020. This price increase shall vary for different models," Maruti said in a press statement.
Competitors like Hyundai Motor India, Tata Motors Ltd, Mahindra, and Mahindra Ltd and others are also likely to follow suit.