Hero MotoCorp Sales Drop 40% To 3,49,393 Units In November 2021

The country's largest two-wheeler maker Hero MotoCorp reported a 41 per cent drop in total sales at 3,49,393 units in November. The company had sold 5,91,091 units in the corresponding month of the previous year, Hero MotoCorp said in a statement.

In the domestic market, the company's wholesales dropped to 3,28,862 units last month from 5,75,957 units in November 2020. Motorcycles sales stood at 3,29,185 units in November, while sales of scooter stood at 20,208 units last month.

"Delay in harvesting due to the late withdrawal of monsoon in many parts of the country, impacted the demand post festive season," the company stated.

With the economy gradually opening up coupled with several other positive indicators, such as encouraging farm activity, confident consumer index and marriage season, a swift revival in sales is expected in the fourth quarter, it added.

The company said its electric vehicles (EV) project is progressing as per plans, and the Chittoor manufacturing facility in Andhra Pradesh is gearing up to produce the green products. The company's exports last month increased to 20,531 units as against 15,134 units in the year-ago period.

"Additionally, commodity prices showing some signs of softening aided with the reduction of excise duty on fuel, and increased spending on capex programs by the government is likely to bring back the momentum in the two-wheeler industry," Hero MotoCorp noted.

On Wednesday, shares of Hero MotoCorp settled 0.08 per cent lower at Rs 2,445.90 apiece on the BSE. Shares of Hero MotoCorp opened at Rs 2,461.35 on the BSE, touching an intra day high of Rs 2,479.70 and an intra day low of Rs 2,438, throughout the trading session so far.