Hero MotoCorp to hike prices of select models by up to Rs 1,500 from July 1

New Delhi, June 24 (IANS) Two-wheeler manufacturing company Hero MotoCorp on Monday said that it will increase ex-showroom prices of select motorcycles and scooters by up to Rs 1,500 with effect from July 1.

"The price revision will be up to Rs 1,500 and the exact quantum of increase will vary by specific model and market," the company said in an exchange filing.

The two-wheeler maker made the upward revision "to partially offset the impact of higher input costs".

In May, Hero MotoCorp sold 498,123 units of motorcycles and scooters, down 4.1 per cent from 519,474 units sold in May 2023.

In the motorcycle segment, the company sold 4.71 lakh units in May 2024, which is a 3.7 per cent decrease from the 4.89 lakh units sold in May 2023.

The scooters segment experienced a nearly 11 per cent decline, with 26,937 units sold in May 2024 compared to 30,138 units in the previous year.

Domestic sales also witnessed a drop of nearly 5.7 per cent, with 4.79 lakh units sold versus 5.08 lakh units year-on-year. However, exports soared by 67 per cent, with 18,673 units sold compared to 11,165 units in May last year.