Automobile major, Hero MotoCorp, on Wednesday said it will make an upward revision in the ex-showroom prices of its select motorcycles and scooters, effective from April 1, 2023.

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The Gurugram headquartered company said the price revision will be around 2 percent and the exact quantum of increase will vary by specific models and markets, according to a statement.

The price revision made by the company is mainly due to cost increases on account of the OBD 2 (On-Board Diagnostics) transition. Furthermore, Hero MotoCorp claims to continue offering financing solutions in order to cushion the impact on the customers.

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Earlier this week, Tata Motors announced it will increase the price by up to 5 percent for commercial vehicles starting from April 1, 2023. The decision to increase prices came on the back of the company's efforts to comply with the more stringent BS6 phase II emission norms.

Last week, Hero Electric announced it will roll out over 10 lakh vehicles annually in the next two to three years from its manufacturing units in India.

Last month, Hero MotoCorp’s electric vehicle (EV) arm, VIDA announced to set up of public charging infrastructure in Bengaluru, Delhi, and Jaipur. VIDA claims to have installed nearly 300 charging points at 50 locations across the three cities for public use.

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The stocks of Hero MotoCorp settled at Rs 2,353.20 per share, up nearly 0.2 percent, when the market closed today, March 22, 2023. However, the company’s stock has fallen by over 14 percent this year.

First Published:Mar 22, 2023 4:41 PM IST