Technology

Hero MotoCorp announces price hike of up to Rs 3,000 on scooters, motorcycles from July 1: Check details

Hero MotoCorp announces price hike of up to Rs 3,000 on scooters, motorcycles from July 1: Check details

World’s largest manufacturer of two wheelers, Hero MotoCorp has announced that it will make an upward revision of up to Rs 3,000 in the ex-showroom prices of its motorcycles and scooters with effect from July 1, 2022.

“Hero MotoCorp will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from July 1, 2022. The price revision will be up to Rs 3000. The exact quantum of increase will be subject to the specific model and market,” the company said in an exchange filing on Thursday after market hours.

Post announcement, the shares of Hero MotoCorp were up 4 per cent at Rs 2,767 on the BSE in Friday’s intra-day trade. The stock of two/ three-wheeler maker quoted higher for the fourth straight trading day, and has rallied 13 per cent during the period. With the recent run-up, the stock has recovered 29 per cent from its 52-week low of Rs 2,148, touched on March 8, 2022. The stock had hit a 52-week high of Rs 2,980 on July 2, 2021.

Hero MotoCorp is the world’s largest manufacturer of motorcycles and scooters. It sold 486,704 units in May 2022. Earlier in April, Hero MotoCorp had announced Rs 2,000 price hike the ex-showroom prices of its motorcycles and scooters.

Hero MotoCorp recently confirmed that it will be launching its first electric vehicle (EV) soon. The company recently unveiled its new identity ‘Vida’ for its emerging mobility solutions business, which includes the upcoming electric vehicles (EVs). The upcoming EV will be a part of the same. Also Read – BIS rolls out new performance standards for electric vehicles to reduce fire accidents

During an interview with The Financial Express, Hero MotoCorp chairman and CEO Pawan Munjal said that the company will be unveiling its first EV sometime soon this year. While he did not provide an exact timeline as to when the company will launch the EV, he did state that it will take its EVs to markets across the world and has drawn up a long-term roadmap for the same.

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