India's Hero MotoCorp has decided to raise its motorcycle and scooter prices from July 1 to partially offset the impact of the continuous increase in commodity prices, the company said in its filing with the Bombay Stock Exchange on Tuesday.
The world's largest two-wheeler manufacturer will hike price across its two-wheeler range by up to 40 US dollars and the exact quantum of the increase will depend on the basis of the model and the specific market, the company said in its filing.
Indian automobile companies have decided to raise vehicle prices for the third time in the current calendar year with the country's largest passenger car manufacturer Maruti Suzuki on Monday announcing to raise car prices in the July-September quarter without quantifying the increase.
In January and April, Indian auto companies have raised vehicle prices to overcome the rising input costs.
"Over the past year, the cost of the company's vehicles continue to be adversely impacted due to 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 rise," said Maruti Suzuki, the Indian subsidiary of Japanese auto major Suzuki.