Hero MotoCorp records 7% growth in CY24; December sales declines by 17%

Hero MotoCorp, the largest two-wheeler manufacturer achieved a 7.5% growth in sales in calendar year 2024. The sales increased to 59 lakh units in 2024, from 54 lakh in the year ago period. However, the December sales volume dropped by 17.5% on-year to 324,906 units.

The company dispatched 294,152 two-wheelers in the domestic market in December, from 377,842 units last year, same period. On a positive side, exports in the same period rose to 30,754 units, as against 16,110 units, previously. This accounted for the sales to drop to 324,906 units in December, 2024 from 393,952 units in same month, last year. 

Sales volume of motorcycles dropped by 16% on-year to 298,516 units in December, while those of scooters fell by 33% to 26,390 units.  

However, in the calendar year ended last month, the company recorded a strong 49% increase in exports, benefiting from the launch of eight new models in the global market and expansion of its presence in Nepal, Brazil, Southeast Asia, and the Philippines. 

"Growth across multiple segments from our core offerings, 125cc motorcycle segment and the evolving electric mobility portfolio has reinforced Hero's position as the preferred brand for millions of customers across the country," Niranjan Gupta, Chief Executive Officer (CEO), Hero MotoCorp Ltd, said.

In its effort towards electrification of two-wheelers, the company registered around 46,662 units sales of VIDA V1 e-scooters in 2024, from around 11,134 units sold in the year-ago period. In early December, the company also expanded its VIDA V1 range by launching VIDA V2.

As per Gupta, Hero is keen on further expanding its EV as well ICE portfolio in the 2025. "We believe an improvement in the broader customer sentiment may lead to even stronger demand recovery for us and the industry," he said.

In December, the company expanded its partnership with American brand Harley-Davidson to unveil new products. As part of this expanded collaboration, the partners will launch updated trims of the Harley-Davidson X440 and work together on the development of an entirely new motorcycle.

The first half of financial year 2025 also showed (April-September) growth in the total sales to 45 lakh units from 42 lakh units in the year-ago period.