Auto Sales March 2024: Hero MotoCorp Sales Dip in March 2024

Hero MotoCorp, the world's largest two-wheeler manufacturer, saw mixed results in March 2024. While overall sales for the financial year (FY24) ending March 2024 grew by 5.49 percent, sales in March itself dipped by 5.56 percent compared to March 2023.

Domestic sales were particularly affected, with a year-on-year decline of 8.64 percent. In March 2024, Hero sold 4,59,257 units compared to 5,02,730 units in the same month last year. However, exports saw a positive sign, growing a significant 87 percent. This growth can be attributed to the company's appointment of CG Motors as its distributor in Nepal, which will see a new assembly facility established.

Despite the overall sales dip, Hero MotoCorp achieved its highest ever monthly sales for its Vida V1 electric scooter, selling over 4,000 units. The Vida brand is now present in over 100 cities, and the company has partnered with Ather Energy to provide over 2,000 charging points across 100 cities for its customers.

This year, Hero made significant strides in expanding its product portfolio. The company launched the premium 440cc motorcycle, the Mavrick 440, to compete in the growing middle-weight segment. Additionally, they introduced the Xtreme 125R in the 125cc segment. They also showcased prototypes for flex-fuel versions of the Hero HF Deluxe, Splendor, and Glamour, aligning with the government's green initiatives.

While Hero MotoCorp's March 2024 sales figures show a decline, the company's FY24 growth and strategic moves like the Nepal distributorship and focus on electric vehicles paint a promising picture for the future.