Although the company is aiming to surpass the pre-COVID production level of 6.4 million units in FY20, it is behind its lifetime high production volume of 7.8 million units achieved in FY19.
20 Jul 2023 | 6982 Views | By Shruti Mishra
Hero MotoCorp, the world's largest two-wheeler manufacturer, is looking forward to producing above 6.5 million units in the ongoing financial year 2023-2024, on the back of a healthy marriage season and the approaching festive season. This is the highest manufacturing target set by the company in the last four years.
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Hero MotoCorp, the world's largest two-wheeler manufacturer, is looking forward to producing above 6.5 million units in the ongoing financial year 2023-2024, on the back of a healthy marriage season and the approaching festive season. This is the highest manufacturing target set by the company in the last four years.
"As the world’s largest two-wheeler manufacturer, we have long-term plans for establishing our presence in new markets and growing our share in existing ones, and remain committed to our market development efforts. We intend to make our ICE and EV products even more value-focused. We expect healthy growth and are targeting production of over 6.5 million two-wheelers in FY 2023-24 for domestic and export purposes," Hero MotoCorp said in its latest Annual Report. Although the company is aiming to surpass the pre-COVID production level of 6.4 million units in FY20, it is much behind its lifetime high production volume of 7.8 million units achieved in FY19.
| Hero MotoCorp Production | |
| Year | Units |
| FY24* | >6.5 milion |
| FY23 | 5.3 million |
| FY22 | 4.8 million |
| FY21 | 5.8 million |
| FY20 | 6.4 million |
| FY19 | 7.8 million |
| FY18 | 7.6 million |
Additionally, the maker of Splendor and Xpulse has set a target to achieve 30 percent of its sales on digital platforms by 2030. Notably, Hero MotoCorp sold 54 lakh units of motorcycles and scooters in the last fiscal year. It is also looking to have a 30 percent female workforce in the organisation by 2030.
“We have invested significantly in upgrading our Information Technology systems, adopting advanced analytics and Artificial Intelligence (AI) tools, and in implementing cutting-edge automation technologies. We have set an ambitious goal of achieving 30 percent of our sales through digital channels by the year 2030,” Hero MotoCorp said in the report.
Besides, the New Delhi based company is also working towards transitioning its existing authorised dealer networks to 100 percent green dealerships by 2030.
Global Business
For expansion of its global reach beyond 47 countries, the two-wheeler major has launched ‘Project Gold’ aimed at developing two-wheelers tailored to usage conditions in specific countries. Under this project, the company aims to launch a total of 16 models, which will be a combination of new products and refreshes.
“Hero's 'Project Gold' initiative involves developing two-wheelers designed for the unique usage patterns and conditions of different countries. Through comprehensive testing and analysis, Hero aims to create superior products that cater to local needs, offering performance, durability, and reliability. This customer-centric approach enables Hero to establish a strong presence in diverse markets and enhance its reputation as a manufacturer of high-quality two-wheelers,” the company said.