With easing of Covid restrictions and favourable announcements made in FY23 Union Budget, Hero MotoCorp expects sales to improve in coming months
World’s largest two-wheeler manufacturer, Hero MotoCorp has reported sales of 3,58,254 units in February 2022. This is negative YoY growth, as compared to 5,05,467 units in the corresponding period last year. YTD FY22 numbers are at 44,93,996 units. It is negative growth, as compared to 52,14,581 units in YTD FY21.
Hero MotoCorp Sales Feb 2022
In February 2022, Hero MotoCorp sold a total of 3,38,454 motorcycles. YoY growth is negative, as compared to 4,63,723 motorcycles sold in February last year. YTD numbers are 42,02,044 units for FY22 and 48,08,849 units for FY21. Motorcycles on sale from Hero include the likes of Glamour, Splendor, Passion, HF Deluxe, Xpulse, Xtreme, etc
Scooter sales are also negative in February 2022. As compared to 41,744 scooters in February last year, sales were at 19,800 units in February 2022. YTD numbers are 2,91,952 units for FY22 and 4,05,732 units for FY21. Scooters on offer from Hero are Pleasure, Maestro, Destini, etc.
In overall volumes, share of domestic sales was 3,31,462 units in February 2022. YoY growth is negative, as compared to 4,84,433 units sold in the corresponding period last year. YTD numbers are 42,27,762 units in February 2022, as compared to 50,55,590 units in FY21.
Hero MotoCorp exports in February have registered positive YoY growth. A total of 26,792 units were exported in February 2022, as compared to 21,034 units in February last year. YTD numbers are 2,66,234 units in FY22, as compared to 1,58,991 units in FY21.
Hero MotoCorp ongoing initiatives
While it continues to dominate petrol-powered two-wheeler segment, Hero MotoCorp has started working proactively in EV space as well. It is apparent that the company wants to achieve a leading position in EV space as well. Hero MotoCorp has yet to launch its first EV, but that could change soon.
The company is currently focusing on developing two-wheeler charging infrastructure across the country. It has tied up with Bharat Petroleum Corporation Limited (BPCL) to set up charging stations for two-wheelers. These will cater to all EV brands and will not be limited to upcoming Hero MotoCorp EVs. The company believes that such infrastructure is urgently needed to achieve the shift to an all-electric ecosystem.
Plan is to setup an extensive network of charging stations totalling around 7,000. BPCL is in the process of upgrading its existing retail outlets to support both EV charging as well as petrol/diesel refuelling. Such a vast network will be crucial, considering that the majority of the population relies on two-wheelers.
With an eye on emerging opportunities, Hero MotoCorp has introduced changes to its organizational structure. Functions like marketing, sales, after-sales and parts business have been integrated into a single unit. Ranjivjit Singh will be heading this new unit in the position of Chief Growth Officer. He was earlier in charge of marketing at Hero MotoCorp.
In other updates, Hero MotoCorp has been lending a helping hand to those impacted by Covid-19. The company has come out in support of orphaned children and women who have lost their spouses to Covid-19. Hero MotoCorp is currently supporting around 500 families that have been impacted by Covid.
Source: Bike - rushlane.com
