Amid rise in production cost, Hero MotoCorp to hike prices by up to 2%

Hero MotoCorp on Wednesday said it will increase prices of its model range by around 2 per cent from next month in order to offset the impact of rise in production cost in order to conform to stricter emission norms.

The company will make an upward revision in the ex-showroom prices of its select motorcycles and scooters, effective from April 1, 2023, the country's leading two-wheeler maker said in a statement.

The price revision will be around 2 per cent and the exact quantum of increase will vary by specific models and markets, it added.

The price revision has been necessitated mainly due to cost increases on account of OBD 2 (on-board diagnostics) transition, the company said.

Hero MotoCorp will continue to provide innovative financing solutions in order to cushion the impact on the customers, it added.

The Indian automobile industry is currently working to make their products meet the second phase of BSVI.

From April 1, vehicles will need to have an on-board self-diagnostic device to monitor the real-time driving emission levels.

The device will constantly monitor key parts for meeting emission standards such as the catalytic converter and oxygen sensors, to keep a close watch on emissions.