Introduction
In October 2023, Hero MotoCorp achieved remarkable sales figures, reflecting the company's strong performance during this period. They managed to sell a total of 5.74 lakh units of motorcycles and scooters, marking a substantial increase compared to the same month in the previous year. This surge in sales can be primarily attributed to the festive season, which traditionally sees a surge in demand for two-wheelers.
Delivery of the Harley-Davidson X440 Premium Motorcycle
- One notable highlight of October 2023 was the delivery of the Harley-Davidson X440 premium motorcycle, a collaborative effort between Hero MotoCorp and Harley-Davidson. This motorcycle, which had been re-introduced for bookings and test rides, saw an impressive number of deliveries during the month. Since its launch, Hero MotoCorp received over 25,000 bookings, and they initiated deliveries during the Navratri festival.
- On the first day of Navratri, Hero MotoCorp successfully delivered 1,000 units of the premium X440 motorcycle across 100 dealerships in India. In addition to these developments, Hero MotoCorp inaugurated a new dealership named 'Hero Premia' in Calicut, Kerala, which serves as a showcase for their premium range of motorcycles, including the Karizma XMR, Vida V1 scooters, and the Harley-Davidson X440.
Impressive Sales Figures
Hero MotoCorp's total sales, which encompass both motorcycles and scooters, for the month of October 2023 amounted to 5,74,930 units. This marked a substantial 26 percent year-on-year growth compared to October 2022. Furthermore, the sales in October 2023 represented a month-on-month increase when compared to the 5,36,499 units sold in September 2023.
Year-to-Date Sales Improvement
Looking at the broader picture, Hero MotoCorp's year-to-date (YTD) sales performance showed significant improvement. For the period from April to October 2023, the company sold a total of 33,44,030 units, which was a notable increase from the 32,72,943 units sold during the same period in 2022.
Motorcycle and Scooter Sales Breakdown
- Breaking down the sales figures further, in October 2023, Hero MotoCorp sold 5,29,341 motorcycles, demonstrating year-on-year growth compared to the 4,19,568 units sold in October 2022. This growth was consistent on a YTD basis, with sales amounting to 30,99,029 units during the April to October 2023 period, compared to the 30,58,185 units sold in the corresponding period of the previous year.
- Scooter sales also experienced increased demand, both on a year-on-year and YTD basis. In October 2023, Hero MotoCorp sold 45,589 scooters, which was a notable increase compared to the 35,014 units sold in October 2022. On a YTD basis, scooter sales reached 2,45,001 units, up from 2,14,758 units sold during FY23.
Domestic vs. Export Sales
- Out of the total 5,74,930 units sold in October 2023, the majority were sold in the domestic market, amounting to 5,59,766 units. Additionally, the company exported 15,164 units to international markets. This was a substantial increase in domestic sales compared to the 4,42,825 units sold in October 2022.
- On a YTD basis, domestic sales continued to grow, with 32,40,956 units sold in the April-October 2023 period, compared to 31,60,105 units during the same period in 2022. However, exports decreased slightly to 1,03,074 units in the FY24 period, in contrast to the 1,12,838 units shipped in FY23.
Exciting Future Launches
In October 2023, Hero MotoCorp was actively testing new motorcycle models, including the Xtreme 210, Xpulse 210, and Xpulse 440. These upcoming models are generating excitement and anticipation among motorcycle enthusiasts. The Hero Xpulse 440, in particular, is expected to be launched in March 2024 and is projected to be priced in the sub-Rs 2 lakh range (ex-showroom).
Conclusion
Hero MotoCorp had a robust October 2023, with impressive sales figures and exciting prospects for the future. Their strong performance during the festive season and the introduction of new models are contributing to their growth and popularity among motorcycle and scooter enthusiasts.