Indian motorcycles and scooters manufacturer Hero MotoCorp said that it had sold 3,49,393 vehicles in November 2021, compared to 5,91,091 units reported in November 2020.
Hero MotoCorp cited the delay in harvesting caused by the late withdrawal of monsoon in various parts of India for affecting the demand of its vehicles post-festive season.
The automobile company hopes to see a quick revival in sales in the fourth quarter with the economy opening up gradually alongside various other positive indicators like promising farm activity, marriage season, and confident consumer index.
Furthermore, prices of commodities indicated some signs of softening while reduction of excise duty on fuel, and greater spending on Capex programs by the Indian government is expected to restore the momentum in the two-wheeler industry, said Hero MotoCorp.
Meanwhile, the electric vehicles (EV) project of Hero MotoCorp is said to be advancing as per plans with the Chittoor manufacturing plant in Andhra Pradesh getting ready to produce the green products, said the company.
Hero MotoCorp also revealed appointing Swadesh Srivastava as head of its emerging mobility business unit (EMBU), which is set to launch the first EV product by March 2022.
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