Hero MotoCorp sold more than 14 lakh units of motorcycles and scooters, in retail sales during the just concluded festive season, thereby gaining market share and strengthening its leadership in the local market.
“Despite the severe disruptions on account of the Covid-19 this year, the good retail off-take during the 32-day festival period – spread between the first day of
Navratra and the concluding day after
Bhai Duj – was 98% of the festive season volumes sold by the Company in the previous year (2019) and 103% compared to the same period in 2018”, Hero MotoCorp said in a statement.
Good off-take during the festive season enabled Hero MotoCorp to reduce the vehicle stocks at its dealerships to less than four weeks. The company said this is the lowest ever post-festive inventory.
Hero MotoCorp’s festival season retails were driven by the strong performance of its popular models across segments, including the 100cc Splendor+ and HF Deluxe, 125cc motorcycles Glamour and Super Splendor and the Xtreme 160R and the XPulse range in the premium segment. The Glamour in its BS-VI avatar continues to gain volumes in new markets. The festive season also witnessed strong customer preference for Destini and Pleasure scooters, resulting in high double-digit growth for the two models, Hero said.
The statement added, “Hero MotoCorp has continued to consolidate its market share in the domestic two-wheeler market since the resumption of plant operations and retail sales in early May. Hero MotoCorp’s market share has grown by more than 500 bps in the month of October.”
Hero said the news on the rapid development of Covid-19 vaccines is likely to enable a faster rebound of the global economy in the coming months. Additionally, the positive forecast by the International Monetary Fund (IMF) projecting close to double-digit growth for the Indian economy in FY’22 is likely to boost customer sentiments in general and the two-wheeler sector in particular. The slew of recent measures announced by the Government should also help accelerate recovery and aid core sectors to rebound fast, the company added.