Hero MotoCorp has created a new sales record, all thanks to the festive season. The company has recently announced that it has sold over 14 lakh bikes and scooters in just 32 days. The company stated in a press statement that despite the severe disruptions due to Covid-19 this year, the good retail off-take during the 32-day festival period starting from the first day of Navratra to the concluding day after Bhai Duj was 98% of the festive season volumes sold by Hero MotoCorp in the previous year and 103% compared to the same period in 2018. The brand further stated that this has enabled it to reduce the vehicle stocks at its dealerships to less than four weeks, which is the lowest ever post-festive inventory. Hero MotoCorp credits this staggering festival season retails to multiple models in the segment like the 100cc Splendor+, HF Deluxe along with 125cc motorcycles like Glamour and Super Splendor and also the premium offerings including the Xtreme 160R and XPulse range.
Moreover, the company says that it has witnessed strong customer preference for Destini and Pleasure scooters, resulting in a high double-digit growth for the two models. Hero MotoCorp says that it has continued to consolidate its market share in the Indian two-wheeler market since the resumption of plant operations and retail sales in the month of May 2020. Hero MotoCorp’s market share has grown by over 500 bps in the month of October. The company believes that the news on the rapid development of Covid-19 vaccines is likely to enable a faster rebound of the global economy in the months to come.
The press statement by Hero MotoCorp adds that the positive forecast by the International Monetary Fund (IMF) projecting close to double-digit growth for the Indian economy in FY’22 is likely to boost customer sentiments in general and also, the two-wheeler sector in particular. Stay tuned for more!
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