Hero MotoCorp Sells Over 500,000 Motorcycles and Scooters in August 2024
Hero MotoCorp, a leading manufacturer of motorcycles and scooters, announced that it sold 512,360 units in August 2024. Domestic sales accounted for 492,263 units. The company noted that supply shortages slightly impacted sales but expects to recover in September.
Hero MotoCorp experienced a 38% month-on-month growth in overall dispatch volumes and sold 2,417,790 units in FY’25 (April-August), marking an 8% increase compared to the same period in FY’24. The company is preparing for the upcoming festive season and anticipates healthy growth.
The company highlighted growth in the 125cc segment, new scooter launches, and strong investment in power brands. Its EV brand, VIDA, crossed 6,000 monthly units for the first time, with a retail market share of over 5%. Global business also showed positive trends, with August dispatches growing both sequentially and year-on-year, and year-to-date sales up by 32%.
Hero MotoCorp also expanded its global presence by starting operations in the Philippines through a strategic collaboration with Terrafirma Motors Corporation (TMC), which will assemble and distribute Hero MotoCorp products and services in the country.
Doubts Revealed
Hero MotoCorp -: Hero MotoCorp is a big company in India that makes motorcycles and scooters. They are very popular and many people use their vehicles.
Motorcycles and Scooters -: Motorcycles are two-wheeled vehicles that are faster and used for longer distances. Scooters are also two-wheeled but are usually smaller and easier to ride, often used for short trips.
Domestic Sales -: Domestic sales mean the number of motorcycles and scooters sold within India. It does not include sales to other countries.
Supply Shortages -: Supply shortages happen when there are not enough parts or materials to make the products. This can slow down production and sales.
Month-on-Month Growth -: Month-on-month growth means comparing the sales of one month to the sales of the previous month to see if there is an increase or decrease.
FY’25 and FY’24 -: FY stands for Fiscal Year, which is a one-year period that companies use for accounting and financial purposes. FY’25 means the fiscal year 2025, and FY’24 means the fiscal year 2024.
Festive Season -: The festive season in India includes important festivals like Diwali and Dussehra, when people often buy new things, including vehicles.
125cc Segment -: The 125cc segment refers to motorcycles and scooters with engines that have a capacity of 125 cubic centimeters. These are popular for their balance of power and fuel efficiency.
EV Brand VIDA -: EV stands for Electric Vehicle. VIDA is Hero MotoCorp’s brand for electric scooters, which run on batteries instead of petrol.
Global Sales -: Global sales mean the number of motorcycles and scooters sold in other countries outside of India.
Philippines -: The Philippines is a country in Southeast Asia. Hero MotoCorp has started selling its vehicles there through a partnership with a local company called Terrafirma Motors Corporation.
Terrafirma Motors Corporation -: Terrafirma Motors Corporation is a company in the Philippines that will help Hero MotoCorp sell its motorcycles and scooters in that country.
