Hero MotoCorp solidifies its leadership position, sells 56 lakh units in FY24

Solidifying its leadership position of 23 consecutive years, Hero MotoCorp, globally the largest manufacturer of scooters and motorcycles closed the financial year 2023-24 (April 1, 2023-March 31, 2024) with sales of 56,21,455 units of motorcycles and scooters, registering growth of 10% in the fourth quarter (Jan-Mar’24) of the fiscal year. 

The company also registered 16% growth in its global business sales during the fiscal year. In March 2024, the company sold 490,415 units of motorcycles and scooters.

It expects a double-digit revenue growth in FY’25 led by a gain in the 125cc segment with the launch of Xtreme 125R, a ramp-up of premium motorcycle portfolio and EV market share gain on the back of new launches.

“During the year, Hero MotoCorp made an impact in the premium motorcycle segment by launching as many as six new products – Xtreme 125R, Xtreme 200S, Xtreme 160R 4V, Harley-Davidson X440, Karizma XMR and the Mavrick 440.

Additionally, the company also introduced a range of products in other categories, thereby creating an expanded portfolio of motorcycles and scooters to give a wider choice to the customers,” the company said in a statement.

Throughout the year, its product strategy included launches like the Mavrick 440 in the upper-premium segment, the first motorcycle with Harley-Davidson, the HarleyDavidson X440, the iconic Karizma in its all-new avatar, the Karizma XMR, and more. It had the highest-ever festive retail sales, clocking more than 14 lakh (1.4 million) units during the 32-day festive period.  

On the electric vehicle front, Hero MotoCorp sold more than 4000 VIDA V1 in retail sales in March, thereby recording its highest-ever sales in a month. The Company also expanded the presence of its emerging mobility brand VIDA, Powered by Hero, to over 100 cities in the country. It has entered into a partnership with Ather Energy for an interoperable charging network, providing over 2,000 charging points across 100 cities to its customers. It also unveiled the world’s first class-convertible vehicle, the Surge S32.

Marking a key milestone in its global business operations, Hero MotoCorp announced its strategic plan to commence operations in Europe and UK in FY’25. “The company also bolstered some of its key international markets such as Nepal, Costa Rica, by appointing new distributor partners in the region,” it said.