Hero MotoCorp Ltd, India’s largest two-wheeler manufacturer, reported strong sales for June 2024. The company saw positive year-over-year (YoY) growth, with marginal month-over-month (MoM) improvements. Hero MotoCorp also announced a price hike for select motorcycles and scooters starting July 1, 2024, due to higher input costs.
In June 2024, Hero MotoCorp sold a total of 5,03,448 units, marking a 15.21% YoY growth compared to 4,36,993 units sold in June 2023. This increase represents a volume growth of 66,455 units. Additionally, the company saw higher MoM sales compared to the 4,98,123 units sold in May 2024.
The motorcycle segment performed exceptionally well, with a 17% YoY increase, reaching 4,73,228 units sold in June 2024, up from 4,04,474 units in June 2023. Popular models like the HF Deluxe, Passion, and Glamour significantly contributed to this growth. Motorcycles now command a 94% share of Hero MotoCorp’s total sales.
Conversely, scooter sales experienced a 7.07% YoY decline, with 30,220 units sold in June 2024, down from 32,519 units in June 2023. Despite this, Hero MotoCorp is preparing to launch the new Destini scooter, which will compete in the 125cc segment against models like Activa, Jupiter, Access, and Fascino. The company also plans to introduce the Hero Xoom Combat Edition.
Domestic sales showed a robust growth of 16.24% YoY, with 4,19,416 units sold in June 2024, up from 4,22,757 units in June 2023. However, exports faced a decline of 15.48%, with 12,032 units shipped last month.
MoM performance also saw an improvement, albeit slight, with sales increasing by 1.07% from 4,98,123 units in May 2024, translating to a volume growth of 5,325 units. Scooter sales outperformed motorcycles in MoM growth, with a 12.19% increase compared to a 0.43% rise in motorcycle sales. Domestic sales rose by 2.50% MoM, while exports declined significantly by 35.56%.
Year-to-date (YTD) sales for Hero MotoCorp showed significant improvement, with a 13.50% increase to 15,35,156 units in FY2025, up from 13,52,574 units in the same period last year. This YTD growth represents a volume increase of 1,82,582 units.
Motorcycle sales grew by 14.12% YTD, reaching 14,40,956 units, up from 12,62,640 units, and commanding a 93.86% share. Scooter sales also saw a 4.74% YTD growth, with 94,200 units sold compared to 89,934 units in the same period of 2024. Both domestic sales and exports improved by 12.67% and 44.36%, respectively.