Hero MotoCorp Sets Sights on EV Leadership and Market Dominance

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  • Over 25,000 bookings have been registered for the new Harley-Davidson X440, indicating its immense popularity.
  • Hero MotoCorp reported a Q2 consolidated net profit of INR 701 crore and revenue of INR 8,851 crore.

Hero MotoCorp, India’s leading two-wheeler manufacturer, aims to expand its market reach and introduce its electric vehicle range in 100 cities by year-end. The company’s CEO, Niranjan Gupta, revealed they had already achieved a presence in 36 cities and are on track to surpass their target well ahead of December.

Further to strengthen its growth strategy, the company plans numerous new product launches in the coming quarters. Hero MotoCorp’s journey to reclaim its pre-Covid business margins has culminated successfully, with the company’s internal combustion engine (ICE) business margins back to 14.5% from a slump to 11.5% during the pandemic. With financials restored, the company’s primary objective is expansion and capturing a larger market share.

Financially, Hero MotoCorp’s Q2 figures reported a consolidated net profit of INR 701 crore and revenue of INR 8,851 crore. The company currently holds an impressive 35% retail market share domestically. The two-wheeler segment is not just focusing on EVs.

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The launch of the Harley-Davidson X440 has received an overwhelming response with over 25,000 bookings, prompting the need to enhance production capacities. Gupta hinted at future discussions with Harley-Davidson about extending the portfolio and exploring new markets.

The company remains optimistic about the broader two-wheeler industry’s prospects, attributing this sentiment to the government’s capital expenditure initiatives, consistent rates from the RBI, and favourable monsoon conditions. These combined factors, he believes, will propel the sector into a double-digit growth trajectory as the festive season approaches.

 

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