Hero MotoCorp has released its sales figures for May 2022. The company has sold 486,704 units in the last month.
Sequentially, this translates into a growth of 16% over the month of April 2022, when Hero MotoCorp had sold 418,622 units. It sold 183,044 units in the corresponding month of 2021 when the sales were impacted due to the resurgence in Covid-19 cases and subsequent lockdowns.
The volumes in the month of May indicate the continuously improving consumer sentiment and the company expects the positive trend to continue in the coming months, on the back of normal monsoon, decent Rabi harvest and continued government policy support.
Mr. Vikram Kasbekar, Executive Director, Hero MotoCorp, said "We welcome the recent decision of the government to reduce the central excise duty on petrol and diesel, which has substantially brought down the fuel costs, thereby providing a much-needed relief to motorcycle and scooter users in the country. We also welcome the steps taken to cut duties on iron and steel inputs, which should help in softening steel prices in the domestic market.
“The increase in the third-party insurance rates would, however, adversely impact customer sentiments at a time when the industry has just started to recover, as this will further increase the upfront costs of two-wheelers in India. It is not usual to have insurance paid for 3-5yrs instead of annual renewals, as is generally the case in many countries. The industry seeks government intervention and support in this regard. The two-wheeler industry provides employment to millions of people, thereby playing the role of an income enabler in the economic growth of the country and we need to continue to support its revival and growth." he added.
