Hero MotoCorp’s 31-day festive retails at over 1.4 million two-wheelers1 min read . Updated: 18 Nov 2020, 08:42 PM IST
- The festive period this year was spread across the first day of Navratri (17 October) to Bhai Dooj, which was observed on 16 November
- Hero MotoCorp said that retail offtake for the period stood at 98% of the festive sales last year and 103% of the same in 2018.
India’s largest two-wheeler manufacturer Hero MotoCorp Ltd on Wednesday said that it has recorded retail sales of more than 1.4 million motorcycles and scooters during the 31-day festive period this year.
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 that retail offtake for the period stood at 98% of the festive sales last year and 103% of the same 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 note.
This comes a week after the Federation of Automobile Dealers Associations (Fada) had said that the two-wheeler stock levels were alarmingly high at 50-55 days in October.
Hero said popular mass commuter motorcycles such as the 100cc Splendor and HF Deluxe models and the 125cc Glamour and Super Splendor variants drove the festive sales. The company added that while Xtreme 160R and XPulse garnered good response in the premium two-wheeler category, it recorded a ‘high double-digit growth’ for its scooter models – 110cc Pleasure and 125cc Destini.
The company claims that it has grown its market share by more than 500bps in October on account of strong festive demand for two-wheelers.
According to the wholesale data compiled by Society of Indian Automobile Manufacturers (Siam), Hero MotoCorp’s sales in October were at 791,137 units, up 35% YoY. The Pawan Munjal led company’s share for the month stood at 38.5% in the domestic two-wheeler wholesale market.
Meanwhile, according to the October retail data released by Fada, Hero’s market share stood at 32%.
“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 company said, adding 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.