Hero MotoCorp has reported positive YoY sales in domestic markets but de-growth in terms of exports in February 2023
Hero MotoCorp, India’s largest two wheeler maker, has revealed sales for the month of Feb 2023. It continued to lead the two wheeler segment in India with total sales (domestic + exports) of 3,94,444 units in Feb 2023, up from 3,58,313 units sold in Feb 2022. MoM total sales also increased as against 3,56,679 units sold in Jan 2023. It was the Hero Splendor that commanded the list both in domestic and export markets scaling over other models in the company lineup by a significant margin.
Hero Domestic Sales Feb 2023 – Splendor accounts for 76% of total sales
Hero MotoCorp domestic sales stood at 3,82,301 units in Feb 2023. This was a 15.32 percent YoY growth from 3,31,521 units sold in Feb 2022, relating to a 50,780 unit volume growth. Hero Splendor was the best-selling model in the company lineup with 2,88,605 units sold last month. This was a 48.97 percent YoY growth as against 1,93,731 units sold in Feb 2022. The Splendor commands a 75.49 percent share on this list. Hero Splendor is set to see some rivalry in its segment with the new Honda Shine 100cc launched in India as it comes in with a more affordable pricing and higher level of fuel efficiency.
Hero HF Deluxe sales dipped 25.86 percent YoY to 56,290 units in Feb 2023, down from 75,927 units sold in Feb 2022. This was a volume de-growth of 19,637 units with a share percentage of 14.72.
It was followed by the Hero Glamour also with YoY degrowth in sales. Sales which had stood at 27,406 units in Feb 2022 dipped 68.94 percent to 8,512 units in the past month. However, Hero MotoCorp noted an outstanding increase in demand for the Destini 125, sales of which surged 1121.36 percent YoY to 8,232 units in Feb 2023 from 674 units sold in Feb 2022.
The new Xoom 110 commenced deliveries in India and recorded sales of 7,214 units in the past month. Hero Xoom is priced at Rs 68,599 for the LX variant while the ZX is priced at Rs 76,699 (ex-showroom). Hero Vida is the company’s electric offering, sales of which stood at 80 units in the past month. Hero Vida V1 electric scooter, launched in India at the end of last year, is available in two variants Vida V1 Plus and Vida V1 Pro, priced at Rs 1.45 lakh and Rs 1.59 lakh respectively.
Thereafter, all models posted a YoY de-growth in sales. Hero Pleasure sales dipped 62.86 percent to 5,313 units in Feb 2023 from 14,307 units sold in Feb 2022 while Passion sales fell by 35.52 percent to 4,640 units in the past month from 7,196 units sold in the same month last year. Hero Xpulse 200 also saw sales fall by 61.59 percent to 1,640 units while Hero Maestro suffered a YoY de-growth of 70.27 percent to 1,313 units in Feb 2023 from 4,417 units sold in Feb 2022. Hero Xtreme 160/200 suffered the highest YoY de-growth as compared to all models in the company lineup. Sales dipped 87.14 percent to 462 units in Feb 2023 from 3,593 units sold in Feb 2022.
Hero Exports Feb 2023
Hero MotoCorp suffered de-growth in terms of exports in Feb 2023. Shipments dipped 54.68 percent to 12,143 units in Feb 2023 from 26,792 units exported in Feb 2022. Every model in the company lineup suffered de-growth on a YoY basis except for the Xpulse 200 and Pleasure. In global markets too, it was Hero Splendor that commanded the most attention. Sales stood at 4,664 units in Feb 2023, down 39.30 percent as against 7,684 units sold in Feb 2022. This was a 3,020 unit volume de-growth with a share percentage of 38.41.
Hero Hunk was at No. 2 on the export list with a YoY de-growth of 69.85 percent to 2,852 units. There had been 9,458 units shipped in Feb 2022. HF Deluxe followed closely after with 2,555 units exported in Feb 2023, down 53.15 percent when compared to 5,454 units sold in Feb 2022. There was also the Glamour (1,104 units), Hero Passion (270 units) and Maestro (258 units) exported last month, each of which posted a YoY de-growth.
It was the Hero Xpulse 200 that commanded some attention globally. Sales increased by 510 percent to 244 units in Feb 2023 from just 40 units shipped in Feb 2022. Pleasure sales also went up by 140 percent globally to 192 units in Feb 2023 from 80 units sold in Feb 2022. There were also 4 units of Hero Destini 125 exported last month, a 95 percent drop when compared to 80 units exported in Feb 2022. Xtreme 160/200 exports were down to 0 units from 40 units shipped in Feb 2022.