Hero MotoCorp March Sales Report - Eyes a 15% YoY Sales Growth in Domestic Sales

The world's largest motorbike and scooter manufacturer, Hero MotoCorp, reported a 15% YoY rise in sales for March 2023. Compared to the 4,50,154 units sold in March 2022, sales in March 2023 totalled 5,19,342 units. 

For the fiscal year 2023, Hero MotoCorp surpasses 5.3 million (53 lakhs) sales 

The company has ended FY 2022–23 on a very strong note, riding high on its recent record of increasing revenues. 53,28,546 units were sold between April-March 2023. Accounting for an increase of 8% compared to the 49,44,150 units sold in FY 2021–2022. When contrasted against the total sales (domestic + export) of 3,94,460 units in Feb 2023, the MoM sales growth was 31.66%. 

When motorcycle & scooter sales are taken into consideration, motorcycle sales were reported to witness an increase from 4,25,721 units sold in Mar 2022 to 4,85,896 units sold in March 2023. On a YTD basis for FY23, motorcycle sales rose from 46,27,765 units sold during FY 2021–22 to 49,59,156 units. 

Hero scooter sales also experienced exceptional growth, with 33,446 units sold in March 2023 compared to 24,433 units sold in March 2022. As a result, 3,69,390 units were sold in FY 23 compared to 3,16,385 units in FY 22. In addition, the freshly released Xoom 110 cc scooter boosted sales in the scooter market. 

In Mar 2023, a total of 5,19,342 units were sold, of which 5,02,730 were sold in the domestic market and 16,612 were exported. Compared with the 4,15,764 units sold in domestic markets & the 34,390 units exported in Mar 2022, which showed a decline in export growth. Exports for YTD FT23 fell from 3,00,624 units exported in YTD FY 2022 to 1,72,753 units. 

Highlights of Hero MotoCorp in FY 2023 

Hero MotoCorp recently forayed into the electric 2-wheeler market late last year with the launch of the Hero Vida V1 electric scooter, which is sold for Rs. 1.45 lakh and has a 165-kilometre range. LX & ZX, models of the Hero Xoom, are available for Rs 68,599 & Rs 76,699, respectively (ex-showroom). 

The company has also installed over 300 charging stations across 50 locations in the cities of Delhi, Jaipur, and Bangalore, in addition to the introduction of the new Xoom scooter and Vida V1 electric two-wheeler. New & upgraded Splendor and Hero Passion models,  Super Splendor XTEC, XPulse 200T, and XPulse 200 4V Rally Edition, were added to the firm's lineup. 

During the last fiscal year, the Stealth 2.0 Edition for Xtreme 160R and the Canvas Black Edition for Super Splendor were both released. Hero MotoCorp joined together with Zero Motorcycles of California, USA, in order to provide a higher-end range of motorcycles and more potent engines. In cooperation with Terrafirma Motors Corporation, Hero MotoCorp entered South East Asia and is now preparing to launch its products in the Philippines.

Read more about what are the future plans of Hero MotoCorp and Zero Motorcycle collaboration in India.

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