Hero enjoys a good festive period, sells 1.4 million vehicles1 min read . Updated: 19 Nov 2020, 07:22 AM IST
- The company said retail sales for the period were equivalent of 98% of last year’s festive sales and 103% for the same period in 2018
Hero MotoCorp Ltd, India’s largest two-wheeler maker, on Wednesday said it has recorded retail sales of more than 1.4 million motorcycles and scooters during the 31-day festive period.
The festive period this year was spread across the first day of Navratri (17 October) to Bhai Dooj, which was observed on 16 November.
The company said retail sales for the period were equivalent of 98% of last year’s festive sales and 103% for the same period in 2018.
“This has enabled Hero MotoCorp to reduce the vehicle stocks at its dealerships to less than four weeks, the lowest ever post-festive inventory," the company said in a statement.
This comes a week after the Federation of Automobile Dealers Associations (Fada) said that inventory across two-wheeler brands was alarmingly high at 50-55 days in October.
Hero said its mass commuter motorcycles such as the 100cc Splendor and HF Deluxe models and the 125cc Glamour and Super Splendor variants drove the festive sales.
Models such as Xtreme 160R and XPulse, meanwhile, drove sales in the premium motorcycle category, while it recorded “high double-digit growth" for its scooter models—110cc Pleasure and 125cc Destini.
The company claimed that its market share grew by more than 5 percentage points in October thanks to the robust festive sales. However, it did not disclose its current market share.
According to the Society of Indian Automobile Manufacturers (Siam), Hero MotoCorp’s wholesales, or factory dispatches, grew 35% from the year earlier in October to 791,137 units, achieving a 38.5% market share.
“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," Hero said.
The company added that the double-digit growth forecast by the International Monetary Fund (IMF) for the Indian economy in FY22 is likely to boost customer sentiments and the two-wheeler sector in particular.