Leading two-wheeler manufacturer Bajaj Auto is likely to increase the price of its bikes by 1-2 per cent this month, following a rise in input costs, a senior company official said today.
"Input costs have risen considerably. As a result, we will have to increase the prices of our vehicles. We are planning to increase them by 1-2 per cent from this month," company's General Manager (Marketing) Milind Bade said on the sidelines of an event here.
However, the company is still working out the details of the hike, he said. In July this year, too, Bajaj Auto had increased its prices following a rise in steel prices.
It is expected that steel prices are likely to increase by Rs 500-1,000 in the coming months, following an increase in the global demand for the material.
Bade said the company was also planning to ramp-up its production capacity to 2-million units annually by October.
