Hero MotoCorp’s sales drop 14% in July; attributes decline to incessant rains

Hero MotoCorp witnessed a stark drop of 14.41 per cent in year-on-year volumes when compared to 421,288 units sold in July 2022, with rampant floods a
...
Hero MotoCorp witnessed a stark drop of 14.41% in year-on-year volumes when compared to 421,288 units sold in July 2022.
Hero MotoCorp witnessed a stark drop of 14.41% in year-on-year volumes when compared to 421,288 units sold in July 2022.

Hero MotoCorp has reported its sales for July 2023 and the company sold 391,310 units last month. The manufacturer witnessed a stark drop of 14.41 per cent in year-on-year volumes when compared to 421,288 units sold in July 2022. The world’s largest two-wheeler maker by volumes said that the low numbers were “reflective of the inclement weather conditions" last month.

Unprecedented rains and floods in several parts of the country, prompted a sharp decline in customer footfalls, Hero MotoCorp said in a statement. The incessant rains and floods damaged crop in several states, majorly affecting the rural economy. Hero has a stronghold in the rural sector with the 100-125 cc segment being its major growth driver.

Also check these Bikes

Find more Bikes
Hero Xpulse 210 (HT Auto photo)
UPCOMING
Engine Icon210 cc
₹ 1.90 Lakhs
Alert Me When Launched
Hero Xoom 125r (HT Auto photo)
UPCOMING
₹ 1 Lakhs
Alert Me When Launched
Hero Xoom 125 (HT Auto photo)
UPCOMING
₹90,000
Alert Me When Launched
Hero Adventure Scooter (HT Auto photo)
UPCOMING
₹ 1.50 Lakhs
Alert Me When Launched
Hero Xtreme 210 (HT Auto photo)
UPCOMING
Engine Icon210 cc
₹ 1.60 Lakhs
Alert Me When Launched
Hero Xtreme 400s (HT Auto photo)
UPCOMING
Engine Icon400 cc
₹ 2.50 Lakhs
Alert Me When Launched

Also Read : Hero Karizma XMR 210 gets a launch date. What you need to know

The previous month also saw Hero divert focus attention on premium offerings with the launch of the Harley-Davidson X440, the first offering to come from the Hero-Harley collaboration. The company announced that it received a strong response for the most affordable Harley and the booking window is set to close on August 3, for the first batch of customers. Furthermore, Hero expanded its premium product range with the launch of the Xtreme 200S 4V towards the end of July. The new 4-valve Xtreme 200S packs more power and new colours.

Hero is optimistic about August with the advent of the festive season in the coming weeks. The company is all set to launch the Karizma XMR 210 towards the end of the month, while attractive finance schemes and offers for its existing product range should help improve market demand in the coming months.

On a related note, the Enforcement Directorate (ED) raided the residence of Hero MotoCorp’s Executive Chairman Dr Pawan Munjal on August 1. The officials also “visited two of Hero’s offices in Delhi and Gurugram," the company informed in a regulatory filing. Hero further said that it will “continue to extend all cooperation to the agency."

Reportedly, the Ministry of corporate affairs (MCA) ordered an investigation against Hero MotoCorp in June this year over allegedly breaching the corporate governance norms. The raid was carried out in accordance with provisions of the Prevention of Money Laundering Act (PMLA).

First Published Date: 01 Aug 2023, 22:02 PM IST
NEXT ARTICLE BEGINS

Check Latest Offers

Please provide your details to get Personalized Offers

Choose city
+91 | Choose city
Choose city

Want to get the best price for your existing car?

Powered by: Spinny Logo
By clicking "View Offers" you Agree to our Terms and Privacy Policy
Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.