Hero Moto Corp’s net sales decline YTD by 2.1 percent  

Hero Motocorp has reported a marginal drop in sales for September 2022.  The company sold 5.19 lakh units as compared to selling 5.30 lakh units in the corresponding period a year ago, a decline of 2.1 percent.

Domestic sales, however, were up by a marginal 0.4 percent at 5.07 lakh units as on September 22 as compared to 5.05 units on September 21.

The two-wheeler maker has seen a revival in the sales of its motorcycles. As compared to the numbers in the year-ago period total sales of motorcycles increased by 15.3 percent to 2,638,618 units in the current year as compared to  2,293,741 in the year-ago period

The overall sales of scooters for September declined by 2.89 percent from 40,929 units on September 21 to 39,743 in the current month.

The decline in sales, according to a report by Elara Capital suggests a significant loss in market share in the traditional markets of UP, Bihar, and Rajasthan where the two-wheeler major has lost out to competitors

Meanwhile, overall exports have witnessed a significant  50 percent decline from 24,884 units in September 2021 to 12,290 units on September 22.

Hero Moto Corp according to Elara Capitals analysis is looking to stem the decline in its overall brand and market share worst hit by the faster adoption of electric two-wheelers in the Rs 60,000-Rs 90,000 category where consumers are opting for electric two-wheelers.

Hero Moto Corp expects its strategically priced Vida range of electric two-wheelers will help it recover lost market share. The Vida EV range is slated for launch on October 7.

https://www.autocarpro.in/news-national/hero-motocorp-to-make-electric-motorcycles--to-invest-$60m-in--zero-motorcycles-102925