Hero MotoCorp, the world’s largest two-wheeler manufacturer, has announced an upward revision in the ex-showroom prices of its select motorcycles and scooters, effective from April 1, 2023. This article will delve into the reasons behind the price revision, its impact on customers, and the state of the industry.
Reasons for Price Revision
The price revision has been necessitated mainly due to cost increases on account of OBD 2 transition. The OBD 2 (On-Board Diagnostics) system is a mandatory requirement for all vehicles manufactured after April 1, 2023, to comply with the BS6 emission norms. This transition to OBD 2 has led to a rise in the cost of production, which has forced Hero MotoCorp to revise its prices.
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Impact on Customers
Hero MotoCorp will continue to provide innovative financing solutions in order to cushion the impact on the customers. The price revision will be around 2%, and the exact quantum of increase will vary by specific models and markets. Hero MotoCorp has assured that it will continue to deliver high-quality products and services to its customers.
State of the Industry
The rural markets have been witnessing an upswing in demand, thanks to the government schemes in the social sector and healthy agricultural outputs. This augurs well for the industry as the growth momentum is expected to lead into the upcoming festive season towards the latter half of the fiscal. Despite the price revision, Hero MotoCorp remains optimistic about the growth prospects of the industry.
Conclusion
In conclusion, Hero MotoCorp’s decision to revise the prices of its select motorcycles and scooters from April 1, 2023, has been necessitated by the rising costs of production due to the OBD 2 transition. The price revision will be around 2%, and the exact quantum of increase will vary by specific models and markets. Hero MotoCorp remains committed to providing high-quality products and services to its customers, and the industry’s growth prospects remain strong.
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