If you are planning a vehicle this festive season, then now you will have to spend more money for it. Because the country’s largest 2-wheeler company Hero MotoCorp has announced an increase in the prices of vehicles. The company has increased the price of vehicles by up to Rs 1000 on Thursday. According to the information given to the exchange, the company took this decision due to increase in cost. The new rates have come into effect from Thursday itself.
Prices hiked for the third time in 2022
The spurt in commodity prices and supply chain problems remain a cause of concern for the auto sector. As a result, auto companies are continuously doing price hikes. Hero MotoCorp has increased the prices for the third time this year so far. Before September, the company has increased the prices in July and January also. Adding to the increase in September, the company took a price hike of up to Rs 6000 in ex-showroom prices. The company had earlier also cited cost escalation as the reason for increasing the prices of vehicles.
The first EV will be launched on October 7
Earlier, Hero MotoCorp announced the launch of its first electric scooter (EV) next month. It is planned to launch next month i.e. on October 7. Experts are expecting that its price can be up to one lakh rupees. According to the information given to the exchange, the company will launch the first electric scooter under the Vida brand. Hero MotoCorp’s new electric scooter will compete with TVS iQube, Bajaj Chetak, Ola S1. Hero MotoCorp has also tied up with HPCL for charging infrastructure.