Hero MotoCorp reports 8% growth in FY2023 with 5.3 million two-wheelers sold

Hero MotoCorp reported sales for the fiscal year 2022-2023, with the company selling over 5.3 million vehicles. The world’s largest two-wheeler maker by sales, Hero MotoCorp sold 53,28,546 units in the last fiscal year, a 7.77% increase from the 49,44,150 units sold in fiscal 2022. Motorcycles continued to drive demand for hero products, accounting for 93% of total sales.

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Updated on:
April 1, 2023 at 19:37 pm

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Hero sold 49,59,156 motorcycles in FY2023, while scooters contributed 369,390 units between April 2022 and March 2023. Domestic sales of two-wheelers stood at 51,55,793 units, an increase of 11% compared to 46,43,526 units in the previous fiscal year FY2022. Exports in the last fiscal year were 172,753 units, a drop of 42.54% from the 300,624 units exported in fiscal 2022.

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In terms of March sales, Hero MotoCorp cumulatively sold 519,342 motorcycles and scooters, up 15% year-on-year, compared to 450,154 two-wheelers in March 2022. Domestic sales were 502,730 units, up nearly 21 percent year-on-year, while exports fell nearly 52 percent over the same period, with 16,612 units shipped compared to 34,390 two-wheelers.

Fiscal 2023 is a big year for Hero MotoCorp, with several announcements, acquisitions, and more ahead. The company recently appointed Niranjan Gupta as its new CEO effective May 1, 2023. He has been promoted from his current role to Hero’s Chief Financial Officer, Head of Strategy and M&A. Hero is also partnering with California-based Zero Motorcycles to develop high-end electric motorcycles in the future. Hero also announced its expansion into Southeast Asia in partnership with Terrafirma Motors Corporation, launching its products in the Philippines.

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Hero has also entered the EV segment in FY2023 under the Vida electric brand and has launched the V1 electric scooter to take over from Ather Energy, Ola Electric, and others.

First published date: April 1, 2023 at 19:37 PM CST


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