Hero MotoCorp reports 165% jump in wholesales in May at 486,704 units
The country’s largest two-wheeler maker Hero MotoCorp on Wednesday said its total sales stood at 4,86,704 units in May.
The company had sold 4,18,622 units in April this year and 1,83,044 units in May 2021 when the sales were impacted due to the second wave of COVID-19.
Domestic sales stood at 4,66,466 units last month. The company had dispatched 1,59,561 units in the domestic market in May 2021.
The two-wheeler major also announced postponement of its first electric vehicle unveil, which was earlier scheduled to take place in July, to the festive season later this year.
The volumes in the month of May indicate the continuously improving consumer sentiment and the company expects the positive trend to continue in the coming months on the back of normal monsoon, decent Rabi harvest and continued government policy support, Hero MotoCorp noted.
While lauding the recent steps taken by the government to reduce the central excise duty on petrol and diesel, the company pointed out that the increase in the third-party insurance rates would, however, adversely impact customer sentiment at a time when the industry has just started to recover, as this will further increase the upfront costs of two-wheelers in India.
“It is not usual to have insurance paid for 3-5 yrs instead of annual renewals, as is generally the case in many countries. The industry seeks government intervention and support in this regard,” Hero MotoCorp Executive Director Vikram Kasbekar stated.
The two-wheeler industry provides employment to millions of people, thereby playing the role of an income enabler in the economic growth of the country, he added.
“We need to continue to support its revival and growth,” Kasbekar said.
Hero MotoCorp Head of Emerging Mobility Business Unit (EMBU) Swadesh Srivastava said in line with the company’s philosophy of providing the highest quality products to customers, the two-wheeler maker remains committed to bringing the best of electric vehicles (EVs) for its customers across the globe.
“The ongoing geopolitical situation has resulted in enormous supply chain issues and shortage of various components, including semiconductors. Keeping customers as the top-most priority, we, therefore, feel it would be prudent to unveil the first EV product around the upcoming festive period instead of July as earlier announced,” he noted.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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