Introduction
In December 2023, Hero MotoCorp, a prominent player in the motorcycle and scooter industry, encountered a nuanced sales performance. While the month witnessed a marginal decline in sales compared to December 2022, the overall annual sales trajectory exhibited positive growth.
Year-End Growth: January to December 2023
Throughout 2023, Hero MotoCorp navigated a commendable growth path. Buoyed by increased government spending, enhanced liquidity, and the celebratory seasons, the company achieved a total sales figure of 54.99 lakh units. This marked a notable 5% increase over the 52.47 lakh units sold in the corresponding period of 2022.
December 2023 Sales Figures: YoY and MoM Trends
Breaking down the specifics of December 2023, Hero MotoCorp reported a Year-over-Year (YoY) decline of 0.06%, with total sales amounting to 3,93,952 units, a marginal drop from the 3,94,179 units in December 2022. This translated to a minor volume decrease of 227 units. Furthermore, a noticeable month-over-month (MoM) decline of 19.77% was observed from the 4,91,050 units sold in November 2023.
Motorcycle and Scooter Sales Breakdown: A Tale of Two Trends
Motorcycle Sales: In December 2023, motorcycle sales witnessed both YoY and MoM decreases, totaling 3,54,658 units. This reflected a 0.59% YoY decline and a more substantial MoM drop of 19.63%.
Scooter Sales: Conversely, scooter sales displayed resilience, growing by 4.98% YoY to 39,294 units. However, MoM sales experienced a notable decline of 21.06%, indicating a potential shift in consumer preferences during the month.
Domestic Market Performance: A Closer Look
Hero MotoCorp's performance in the domestic market showed a marginal YoY decline of 0.92% and a more significant MoM drop of 20.67% in December 2023. Total domestic sales for the month reached 3,77,842 units. For comparison, the company had sold 3,81,365 units in December 2022 and 4,76,286 units in November 2023.
Encouraging Export Figures: A Silver Lining
Amidst domestic challenges, Hero MotoCorp reported positive export figures. In December 2023, the company shipped 16,110 units, reflecting robust YoY growth of 25.72% and a MoM increase of 9.12%.
Year-to-Date (YTD) Performance: A Positive Growth Trajectory
Considering the cumulative sales from April to December 2023, Hero MotoCorp reported a YTD growth of 4.21%, reaching 42,29,032 units. This represented an increase of 1,70,978 units compared to the same period in 2022.
Segment-wise Breakdown: Motorcycles, Scooters, and Exports
Motorcycles: Sales exhibited growth of 3.38% in the YTD period, reaching 38,94,963 units.
Scooters: The YTD period witnessed a notable 15.08% growth in scooter sales, totaling 3,34,069 units.
Exports: However, exports showed a slight dip of 2.05%, with 1,33,948 units shipped in the YTD period, down from 1,36,745 units in 2022.
Strategic Move: Hero MotoCorp's Partnership with Ather Energy
In December 2023, Hero MotoCorp announced a strategic tie-up with Ather Energy to expand the electric vehicle (EV) public charging infrastructure across 100 cities. Additionally, the company introduced user-centric Ather and My VIDA apps, providing essential information and support for EV users. This strategic move indicates Hero MotoCorp's forward-thinking approach to the evolving automotive landscape.