Hero MotoCorp, bolstered by the festive season, is poised for substantial growth in the coming months due to a series of premium product launches. In October 2023, the company closed on a positive note, with impressive sales of 5.74 lakh scooters and motorcycles, reflecting a robust year-on-year growth of 26 percent.
One significant contributor to this growth is the launch of the Harley Davidson X440, a collaborative effort between Hero MotoCorp and Harley-Davidson. Following the reopening of bookings and test rides, deliveries of this premium motorcycle commenced in October 2023. Notably, the company received an overwhelming 25,000 bookings for this model. Hero MotoCorp marked the auspicious occasion of Navratri by delivering 1000 units of the Harley Davidson X440 across 100 dealerships in India. To support this premium range, Hero MotoCorp also inaugurated a new dealership named ‘Hero Premia’ in Calicut, Kerala, where models like the Karizma XMR, Vida V1 scooters, and Harley-Davidson X440 will be showcased.
Detailed Sales Report
The sales performance for Hero MotoCorp in October 2023 was particularly robust, with a total of 5,74,930 units sold. This represents a significant 26 percent growth when compared to the 4,54,582 units sold in October 2022. Additionally, it marked a month-on-month increase from the 5,36,499 units sold in September 2023. Year-to-date (YTD) sales also showed improvement, reaching 33,44,030 units in the April-October 2023 period, up from 32,72,943 units in the same period in 2022.
Motorcycle sales, a significant segment for Hero MotoCorp, surged to 5,29,341 units in October 2023, marking a year-on-year increase over the 4,19,568 units sold in October 2022. YTD figures also demonstrated growth, with 30,99,029 units sold during the April-October 2023 period, compared to 30,58,185 units in the previous year.
Scooters, too, experienced increased demand both on a year-on-year and YTD basis. Sales reached 45,589 units in October 2023, up from 35,014 units in October 2022. On a YTD basis, scooter sales grew to 2,45,001 units, surpassing the 214,758 units sold during FY23.
Domestic Sales vs Exports
Of the total 5,74,930 units sold in October 2023, domestic sales accounted for 5,59,766 units, while exports amounted to 15,164 units. These numbers marked a substantial improvement when compared to domestic sales of 4,42,825 units and exports of 11,757 units in October 2022. YTD domestic sales also demonstrated growth, totaling 32,40,956 units in the April-October 2023 period, compared to 31,60,105 units in the same period in 2022. However, exports fell to 1,03,074 units in FY24 compared to 1,12,838 units shipped in FY23.