Hero MotoCorp Crosses 75 Lakh Units Sales Mark In 2017-18
Hero MotoCorp aims to achieve annual sales of 1 crore annual units by 2020.
The country's largest two-wheeler maker Hero MotoCorp Ltd. has crossed the 75 lakh units sales mark in the financial year 2017-18, becoming the first ever entity to achieve such a feat globally, a company official said.
The company is on track to achieve the stated objective of 1 crore annual unit sales by the year 2020, the official added. It had sold 66.6 lakh bikes and scooters in 2016-17.
In order to achieve sakes targets, the company has lined up a slew of new launches in the next fiscal to consolidate its market leadership. It plans to launch four new products in the financial year 2018-19 in the premium and scooter categories – Xtreme 200R and XPulse motorcycles and Duet 125 and Maestro Edge 125 scooters, the official said.
The company recently launched three new commuter bikes – Passion PRO, Passion XPRO, and Super Splendor – to fortify its dominant leadership in the commuter segment. “With an enhanced focus on the premium segment and scooters, we are confident of carrying the growth momentum forward,” Hero MotoCorp’s Managing Director and Chief Executive Officer Pawan Munjal had said recently while commenting on the company's future growth plans.
Expecting market demand to grow significantly in the near future, Hero MotoCorp is also investing in ramping up its production capacity.
Last month, it commenced construction of its eighth manufacturing facility in Chittoor, Andhra Pradesh.
With the addition of this facility, Hero MotoCorp will have a cumulative capacity of 1.1 crore units annually. Currently, it has an installed capacity of 92 lakh units per annum.
The company continues to hold more than 50 percent market share in the motorcycle segment.