Hero MotoCorp reports 8% growth in FY2023 with 5.3 million two-wheelers sold
Hero MotoCorp reported its sales for the 2022-2023 financial year and the company’s volumes surpassed the 5.3 million mark. The world’s largest two-wheeler maker by volumes, Hero MotoCorp sold 53,28,546 units during the last fiscal, growing by 7.77 per cent over 49,44,150 units sold in FY2022. Motorcycles continued to drive demand for Hero products contributing 93 per cent of volumes to total sales.
Hero sold 49,59,156 motorcycles in FY2023 while scooters contributed 369,390 units between April 2022 and March 2023. Domestic two-wheeler sales stood at 51,55,793 units, a growth of 11 per cent during the last fiscal when compared to 46,43,526 units sold in FY2022. Exports during the last financial year stood at 172,753 units, a decline of 42.54 per cent over 300,624 units shipped overseas in FY2022.
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For sales in March, Hero MotoCorp sold a cumulative 519,342 motorcycles and scooters, growing by 15 per cent year-on-year, when compared to 450,154 two-wheelers in March 2022. Domestic sales stood at 502,730 units, a hike of nearly 21 per cent while exports declined by nearly 52 per cent during the same period with 16,612 units shipped overseas as against 34,390 two-wheelers.
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FY2023 was an important year for Hero MotoCorp with several future announcements, acquisitions and more. The company recently appointed Niranjan Gupta as its new CEO with effect from May 1, 2023. He has been elevated from his current position as Hero’s CFO, Head - Strategy and M&A. Hero also partnered with California-based Zero Motorcycles to collaborate on premium electric motorcycles in the future. Hero also announced its foray into the South East Asian market partnering with Terrafirma Motors Corporation, to launch its products in the Philippines.
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Hero also entered the electric mobility segment with the Vida electric brand in FY2023 and introduced the V1 e-scooter to take on offerings from Ather Energy, Ola Electic and more.