Hero MotoCorp on Wednesday announced that it will increase the prices of select models in its portfolio beginning April 1, 2023.
“Hero MotoCorp will make an upward revision in the ex-showroom prices of its select motorcycles and scooters, effective from April 1, 2023,” the company said in its exchange filing.
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However, it did not mention about the models in detail.
The price revision has been necessitated mainly due to cost increases on account of OBD 2 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 company further revealed that the price revision will be around 2 per cent and the exact quantum of increase will vary by specific models and markets.
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“The rural markets have been witnessing an upswing in demand, thanks to the government schemes in the social sector and healthy agricultural outputs. This augurs well for the industry as the growth momentum is expected to lead into the upcoming festive season towards the latter half of the fiscal,” the company added in an official statement.
For the unversed, OBD-2 (onboard diagnostic device) will be mandatory from April 2023 in all vehicles which is the key reason for the above mentioned price hike.
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OBD-2 is meant to monitor the emission levels of a vehicle in real time and alert the owner if the levels rise beyond the permissible limits.
The device will monitor the emission levels in the real world, as opposed to complying in an idyllic setting in a laboratory.