The world’s largest manufacturer of motorcycles and scooters witnessed sales of over 15.98 lakh units during the period, registering a growth of 13% compared to the festive season of 2023.
The firm says the robust demand came on the back of positive momentum across urban and rural India. “The 125cc motorcycle segment, with Xtreme 125R, emerged as a key growth driver, while the 100cc segment also contributed positively to the company’s strong sales performance,” the firm noted.
This is the second consecutive year that Hero Motocorp has achieved all-time high festive retail sales, Niranjan Gupta, Chief Executive Officer, said in a statement.
“There has been good momentum and growth in most parts of the country with rural sales catching up with the urban segment in the latter half of the festive season. We expect the momentum to continue and are optimistic about the remainder of the year,” he added.
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As per the festive period report, Hero MotoCorp’s electric vehicle brand VIDA saw sales of 11,600 units during the period under review. “VIDA network’s ongoing expansion, leveraging Hero Premia and Hero 2.0 outlets, in conjunction with a heightened emphasis on the top 30 towns, is yielding positive results,” the firm said.
It also highlighted that the Harley-Davidson X440 witnessed sales of over 2800 units. As the company aims to expand the Premia network to over 100 locations by the end of this fiscal year, it will enhance the reach and accessibility of this aspirational brand, it asserted.
The company earlier said, Hero Motocorp also recorded the highest-ever Dhanteras sales with growth in double digits led by 100cc and 125cc segments. The company’s total October 2024 wholesales rose 18% year-on-year to 6.79 lakh units compared to a CNBC-TV18 poll projection of 6.29 lakh units. While motorcycle sales were up 20% YoY at 6.36 lakh units, scooter sales were down 5% at 43,304 units YoY.
Despite the rise in sales, Hero Motocorp shares traded almost 5% lower at ₹4,781.75 on NSE at 2 pm. During the trading session, the auto stock declined nearly 6% to the day’s low. The downtrend comes amid an overall decline in the market.