BackHero MotoCorp to introduce highest-ever number of products this year: CEO
Hero Motorcorp has leadership in the budget bike segment (100-110cc). It is looking to enhance presence in the 125 cc this fiscal.
PremiumHero MotoCorp CEO Niranjan Gupta said the company is gearing up for highest ever model introductions this fiscal as it looks to consolidate market share especially in the premium bike segment.
"We'll have product launches every quarter of this fiscal year. Probably this fiscal, we'll see the maximum number of launches ever seen in the company's history," Gupta said in an analyst call.
As per a report by PTI, the country's largest two-wheeler maker plans to introduce its first product under the Hero MotoCorp-Harley Davidson tie-up during the 2023-24 financial year.
Hero Motorcorp has leadership in the budget bike segment (100-110cc). It is looking to enhance presence in the 125 cc. The company is also bullish on growth prospects this year with plans to further enhance its market share across segments, Gupta noted.
"We are excited about the fiscal and expect to build on our market share and margin recovery. We have a host of new launches lined up, and we will be launching new products every quarter in this fiscal," he said.
He noted that there would be "a lot of launches in the premium segment" during the course of the year.
"There will be big launches...which will then ensure that we can build the right premium portfolio and get our market share on that," Gupta said.
During the analyst call, he stated that the company is focusing on the premium segment bikes, with power ranging between 150cc and 450cc.
The company has already announced its accelerated plans to roll out electric brand VIDA across the country with an aim to cover 100 cities in the current calendar year.
"At Hero, we have the widest and deepest distribution system in the country, and we will be leveraging the same to ensure our reach in the EV business," Gupta said.
This fiscal year, Hero Motorcorp will also launch its first bike under Hero MotoCorp-Harley Davidson partnership. Hero MotoCorp and American brand Harley-Davidson announced a partnership in October 2020 for the Indian market. As part of the deal, Hero MotoCorp will develop and sell a range of premium motorcycles under the Harley-Davidson brand name in the country.
Commenting on the business outlook, Gupta said the Indian economy continues to be resilient and is one of the fastest-growing major economies in the world, despite various challenges.
"All the key indicators are moving in the right direction, and we expect the economy to outperform most other countries. Buoyed by the economy and the other trends that we see, we do expect the two-wheeler industry to clock double-digit revenue growth this year," he noted.
(With inputs from agencies)
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