Hero MotoCorp Says It Sold Over 14 Lakh Units In Festive Season
India’s largest two-wheeler maker Hero MotoCorp Ltd. sold more than 14 lakh units of motorcycles and scooters in retail sales during the festive season, the company said in a stock exchange filing on Nov. 18.
Despite severe disruptions due to Covid-19 this year, the good retail off-take during the 32-day festival period -- spread between the first day of Navratra and the concluding day after Bhai Duj -- was 98% of the festive season volumes sold by the company in 2019 and 103% compared to the same period in 2018, Hero MotoCorp said.
The company said it "sold more than 14 lakh units of motorcycles and scooters, in retail sales during the just concluded festive season, thereby continuing to gain market share and strengthen its leadership."
Festival season retail sales were driven by the strong performance of its popular models across segments, including the 100cc Splendor+ and HF Deluxe, 125cc motorcycles Glamour and Super Splendor and the Xtreme 160R and the XPulse range in the premium segment, it added.
The Glamour model in its BS-VI avatar continues to gain volumes in new markets.
The festive season also witnessed strong customer preference for Destini and Pleasure scooters, resulting in high double-digit growth for the two models, it said.
The robust festive season sales helped to reduce vehicle stocks at the company’s dealerships to less than four weeks, the lowest ever post-festive inventory, the statement said.
Its market share has increased by more than 500 bps in October, the company claimed.
On the outlook, the company said the news on rapid development of Covid-19 vaccines is likely to enable a faster rebound of the global economy in the coming months.