Hero MotoCorp reports 12% dip in total sales in July at 3.91 lakh units

Hero MotoCorp reported sales of 3,91,310 units last month, witnessing a dip of 12% as compared to 445,580 units sold in the year-ago period. It sold 360,592 units of motorcycles as compared to 421,288 units sold in the corresponding month a year ago. Scooters sales amounted to 30,718 units as against 24,292 units sold in the year-ago period.

Domestic sales of the company stood at 371,204 units as compared to 430,684 units sold in the corresponding month a year ago. However, exports increased slightly from 14,896 units sold in July of 2022 to 20,106 units sold last month.

The company says that the dip in sales figures is reflective of the “inclement weather conditions in July" as there was unprecedented rainfall and floods in certain parts of the country. This led to damage of crops in several states, and also resulted in decline in customer footfalls at the dealerships.

The company expects that new product launches in the upcoming festive season along with innovative finance schemes is expected to result in improvement in market demand.

July also saw the launch of the company's first co-developed motorcycle with Harley-Davidson - the X440. The motorcycle was launched at the company's state-of-the-art Hero Center for Innovation and Technology (CIT) in Jaipur. Production of the motorbike will start in September at the company’s Garden Factory at Neemrana, Rajasthan while deliveries will commence in October of 2023.

The motorcycle can be booked online till August 3, 2023, on the official website of Harley-Davidson with a booking amount of ₹5000. The motorcycle is available in three variants – Denim, Vivid and S.

The company has increased the price of the motorcycle which was initially launched at an introductory price. The bike will now retail at a starting price of ₹2,39,500 (ex-showroom, Delhi). The price increase of ₹10,500 will apply to all the variants of the bike.