Hero MotoCorp Records Highest Ever Monthly Sales In October, Expects High Demand During Diwali

Hero MotoCorp Records Highest Ever Monthly Sales In October, Expects High Demand During DiwaliMD and CEO Hero Motocrop Pawan Munjal with other top executives (Getty Images)

Hero MotoCorp Ltd, India’s largest two-wheeler maker, recorded its highest ever overall monthly sales of 8.06 lakh units in October 2020. This has been a stellar recovery in the sales of entry-level motorcycles in rural and semi-rural markets due to the easing of lockdown measures.

Livemint has reported that the company registered a 34.7 per cent increase in its year-on-year domestic wholesales to 7,91,137 units in October. Hero MotoCorp Ltd’s dispatches of motorcycles, including the exports, rose by 32.5 per cent to 7,32,498 units. Moreover, the deliveries of scooters shot up by 59.6 per cent to 74,350 units in the tenth month of the year.

“A positive turnaround in customer sentiments – particularly for motorcycles across markets, continued government policy support and a credible resumption of supply chain, logistics and business operations have enabled the company to achieve record numbers during the auspicious festive period,” the company declared in a statement.

Hero has also increased its inventory at dealerships as they anticipate promising retail sales during Diwali. Moreover, their exports surged by 28.14 per cent to 15,711 units in October.

However, it is reported that several automakers like Hero MotoCorp are facing concerns over increasing their production capacities due to disruption caused in supply chain networks during the Covid-19 pandemic. Parts imported from China are also being subjected to greater scrutiny.

Hero has thus raised the prices of its vehicles across the product portfolio by 2 per cent to offset the increase in commodity cost. Hero MotoCorp is slated to benefit from the consumers’ increasing preference for personal mobility over public transport due to the fears of contracting the Covid-19 virus.