Hero MotoCorp retails over 14-lakh units of two wheelers during festive period1 min read . Updated: 18 Nov 2020, 08:21 PM IST
The sales during this 32-day period has enabled the company to reduce the vehicle stocks at its dealerships to less than four weeks, which the company claims is the lowest ever post-festive inventory
Hero MotoCorp sold more than 14 lakh units of motorcycles and scooters, in retail sales during the festive season that concluded last week.
Despite the disruptions due to Covid-19 this year, the company registered 98% of the festive season volumes sold by the company in the previous year. The sales were calculated from the first day of Navratra and the concluding day after Bhai Duj.
The sales during this 32-day period has enabled the company to reduce the vehicle stocks at its dealerships to less than four weeks, which the company claims is the lowest ever post-festive inventory.
The company’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 as well as the Xtreme 160R and the XPulse range that falls in the premium segment.
The festive season also witnessed strong customer preference for Destini and Pleasure scooters. Hero MotoCorp claims the storm demand resulted in high double-digit growth for the two models.
Hero MotoCorp claims that its market share has grown by more than 500 bps in the month of October. The company claims that despite supply chain issues arising from the pandemic, it has managed to lead the revival of the domestic two-wheeler industry over the past several months. It attributed this feat to the robust planning and preparations done by the entire Hero ecosystem including the dealer partners
The company believes that 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. 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 are also expected to accelerate recovery and aid core sectors to rebound fast.