Hero MotoCorp achieves stellar performance with record sales in FY’24
In an impressive showcase of resilience and innovation, Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, has once again demonstrated its industry-leading stature by concluding the fiscal year 2023-24 with outstanding sales figures and a host of strategic advancements. The company, renowned for its extensive range of motorcycles and scooters, solidified its leadership position for the 23rd consecutive year, marking significant milestones in product launches, electric vehicle (EV) sales, and global business expansion.
At the forefront of its achievements, Hero MotoCorp announced the sale of 5,621,455 units during the period from April 1, 2023, to March 31, 2024. This achievement represents a substantial volume in the competitive two-wheeler market, underlining the brand’s enduring appeal and robust performance across its diverse portfolio. The fourth quarter of FY’24 (January-March 2024) saw a growth of 10%, while its global business sales surged by 16% during the fiscal year.
In March 2024 alone, the company sold 490,415 units, showcasing its strong market presence and consumer trust. Particularly noteworthy is the EV segment, where Hero MotoCorp’s VIDA V1 model achieved its highest-ever monthly sales, crossing the 4000 units mark in retail sales in March. This success is part of Hero MotoCorp’s broader strategy to dominate the emerging EV market, highlighted by its expansion of the VIDA brand to over 100 cities nationwide and the establishment of a partnership with Ather Energy to create an interoperable charging network featuring over 2,000 points across 100 cities.
Hero MotoCorp’s aggressive product strategy was evident in the launch of a record number of new premium products throughout the year. The lineup included six new models in the premium motorcycle segment, such as the Xtreme 125R, Xtreme 200S, Xtreme 160R 4V, Harley-Davidson X440, Karizma XMR, and Mavrick 440. This expansion not only reinforces Hero MotoCorp’s presence in the premium segment but also caters to a wide range of consumer preferences and riding needs.
Moreover, the company made significant inroads in electric mobility, with the VIDA brand expanding its footprint and the introduction of innovative EV models like the Surge S32, Lynx, and Acro. Hero MotoCorp’s vision for the future was further demonstrated at international platforms such as the EICMA Motor Show in Milan and its own bi-annual event, Hero World, where it showcased flex-fuel options and upcoming scooter ranges.
Looking ahead, Hero MotoCorp is poised for double-digit revenue growth in FY’25, driven by gains in the 125cc segment, an enhanced premium motorcycle portfolio, and an increased share in the EV market. The company’s strategic plan to commence operations in Europe and the UK in FY’25, alongside strengthening its presence in key international markets like Nepal and Costa Rica, underscores its global ambitions.
Under the new leadership of Vivek Anand as Chief Financial Officer and Rachna Kumar as Chief Human Resources Officer, Hero MotoCorp has fortified its position at the helm of the two-wheeler industry. The company’s achievements were also highlighted in the realm of sports, with the Hero MotoSports Team Rally securing the second position at the Dakar Rally 2024, a historic feat for an Indian team.
Hero MotoCorp’s performance in FY’24 is a testament to its strategic foresight, innovative product lineup, and commitment to sustainability and global expansion. The company’s focus on the EV market, alongside its traditional strengths in the motorcycle and scooter segments, positions it well for continued success in the evolving automotive landscape.
As Hero MotoCorp charts its course for FY’25 and beyond, its blend of traditional prowess and innovative ventures in electric mobility and global markets will undoubtedly keep it at the forefront of the industry, driving forward with resilience, innovation, and a deep understanding of consumer needs.