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Business News/ Markets / Stock Markets/  Hero MotoCorp sales grow 22% YoY in January to 4.3 lakh units
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Hero MotoCorp sales grow 22% YoY in January to 4.3 lakh units

Hero MotoCorp reported a significant sales milestone for January, with 433,598 units sold, reflecting a 22% growth compared to January 2023. Domestic sales came in at 420,934 units, while exports stood at 12,664 units.

The company launched a new 440cc motorcycle, Mavrick-440, marking its foray into the premium middle-weight segment under its own label. (Bloomberg)Premium
The company launched a new 440cc motorcycle, Mavrick-440, marking its foray into the premium middle-weight segment under its own label. (Bloomberg)

Hero MotoCorp, the global leader in the production of scooters and motorcycles, reported a significant sales milestone for January. The company in today's exchange filing said that it sold 433,598 units during the last month, reflecting a 22% growth compared to the same month in 2023, where sales stood at 356,690 units.

The company's domestic sales came in at 420,934 units, while the exports stood at 12,664 units, a significant improvement compared to 7,253 units sold in January 2023. For FY23, the company achieved an overall sales figure of 4,662,630 units, consisting of 4,516,018 units in the domestic market and 146,612 units in exports.

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During the second edition of Hero World, held at the state-of-the-art R&D hub of Hero, the Centre for Innovation and Technology (CIT), on January 23, the company announced key focus areas for future growth. These include the strong expansion in the premium bike segment, strengthening its EV portfolio, upscaling its dealer network, and increasing the use of digital technologies in business.

Further, the company launched a new 440cc motorcycle, Mavrick-440, marking its foray into the premium middle-weight segment under its own label. The Mavrick 440 is fitted with an air-cooled, 2V single cylinder 440cc ‘TorqX’ engine with electronic fuel injection. This long-stroke engine delivers 27 bhp @ 6000 rpm and a torque of 36 Nm @ 4000 rpm.

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The Mavrick 440 will compete against the Royal Enfield Hunter 350 and Classic 350, Triumph Speed 400, Honda CB350, and the Jawa 350. Currently, Royal Enfield dominates the premium bike category with a strong lineup in its portfolio.

Alongside the Mavrick 440, the company launched the new premium motorcycle - Xtreme 125R, in the 125cc segment. In line with the Indian government's flex-fuel initiative, the company unveiled three prototypes of flex-fuel motorcycles – ethanol-based Hero HF Deluxe, Splendor+, and Glamour.

Additionally, the event featured ground-breaking concepts like the Vida V1 Coupe and two EV concepts, Lynx and Acro, highlighting Hero’s dedication to emerging and green mobility. The company also exhibited production-ready vehicles: the Xoom 125, Xoom 160, and trailblasing Concept 2.5R XTunt.

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Meanwhile, in its global business, the company appointed CG Motors as its distributor in Nepal. CG Motors, part of the renowned Chaudhary Group (CG), known for its diverse business ventures, will collaborate with Hero MotoCorp to establish a state-of-the-art assembly facility in Nepal. Scheduled to commence operations in March 2024, this facility will have a peak production capacity of 75,000 units per annum, as per the company's exchange filing.

The company's shares have demonstrated a strong performance on Dalal Street, closing positively in nine out of the last ten months, with November standing as the highest monthly gain of 23.66%. Over this period, the company's shares yielded a fabulous return of 96.88%.

 

Disclaimer: We advise investors to check with certified experts before making any investment decisions.

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Published: 01 Feb 2024, 08:21 PM IST
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