Hero Announces Price Hike Across Its Portfolio
As we reported earlier, many major carmakers and bikemakers are increasing their prices across the range. The reason behind this price rise is due to an increase in the price of raw materials due to which companies are increasing their product price. Hero MotoCrop joins other manufactures in increasing their portfolio’s prices.
How much is it?
Hero MotoCorp will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from January 4, 2022. The price revision has been necessitated to partially offset the impact of steadily increasing commodity prices. The price revision will be up to Rs. 2,000 and the exact quantum of increase will depend on the model and the market. This would be Hero MotoCrop’s 3rd price hike in the span of 6 months. The company has increased the ex-showroom price of its motorcycles and scooters by ₹3000 in July and followed by another price hike by ₹3000 in September. In both the previous instances of price hikes, Hero MotoCorp had cited the increase in commodity prices.
Hero MotoCorp Future Plans
Hero MotoCorp is eager to enter the EV space in Indian Market. Just last week, the brand in its press release said that it is set to launch an E-scooter by March 2022. While we thought ‘Gogoro’ could become the sub-brand for Hero MotoCorp’s electric scooters, the brand has something different in mind. Hero MotoCorp has applied for trademarks of six names, all carrying the word ‘Vida’ with them. It is only plausible that ‘Vida’ could be the new sub-brand adhering to electric two-wheelers for Hero. Though we have all heard the name Hero Electric and it is indeed a lineage of the same family, but Hero MotoCorp cannot sell its EVs under the name ‘Hero Electric’ as the brand upholds its own identity and works independently.
The six names are giving a taste of the wide variety of two-wheelers that Hero might have in mind. The applied-for names are; ‘Vida Electric’, ‘Vida EV’, ‘Vida Mobility’, ‘Vida Scooter’, ‘Vida Motorcycles’, and ‘Vida MotoCorp’. Even though Hero has only announced its plans for an electric scooter, these patents suggest that the brand might soon look into the electric motorcycle business. Providing a proper network of service stations, and charging stations is also a concern for EVs, and the names such as ‘Vida Electric’, and ‘Vida Mobility’ also point towards plans for building a network for EV customers.