Hero MotoCorp to Launch Three New Models Early Next Year
Country's largest two-wheeler maker Hero MotoCorp plans to launch three new models including two new scooters early next year.
Besides, it plans to begin the construction of its Gujarat plant soon and operationalise the facility by third quarter of next financial year.
"During the early part of next year we will start rolling out new scooters. Two new scooters and one motorcycle model are on the anvil right now," Hero MotoCorp Vice Chairman and Managing Director Pawan Munjal told reporters here on the sidelines of SIAM annual convention.
During the upcoming festive season the company plans to introduce 12 refreshed versions of the existing models, he added. "These 12 variants have improved features including engines. All of them would be introduced during the festive season."
When asked about the sales projections during the festive season, Munjal said: "I am bullish about the festival season. Sentiments have improved and the market will improve further. We expect to do better than the last year."
The company had sold 6 lakh units during the last year's festival season.
On the company's upcoming Gujarat plant, Munjal said: "We will start construction soon and will launch the facility in the third quarter of next fiscal."
The plant will have an installed capacity of 1.8 million units per annum. The company's current production capacity is 7.65 million units.
Commenting on the proposed plant in South India, Munjal said the company is yet to finalise the site for the facility.
On whether the company is looking at hiking prices, he said: "There is pressure on pricing for sure so there will be some price corrections off and on." He however did not provide specific details.
Talking about its overseas plans, Munjal said: "We are seriously considering Argentina... Team is going there and doing due diligence. We are sure we will soon find a partner and start operations."
He added that the company will start operations in Brazil in 2016 and is currently working on ethanol powered engines for the market.
On launching products in the US market, Munjal said product homologation process is going on and the entry of the company in the country would happen in 2016 summer.
It would set up distribution in the US but is still to finalise the branding part, he added.
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