Domestic sales were 4,66,466 units last month. The company had shipped 1,59,561 units in the domestic market by May 2021.
The two-wheeled major also announced that the unveiling of his first electric car, which was set to take place earlier in July, has been delayed until the holiday season later this year.
Volumes in the month of May indicate continued improvement in consumer confidence and the company expects the positive trend to continue in the coming months thanks to a normal monsoon, a decent Rabi crop and continued support from government policies, Hero MotoCorp noted.
The company praised recent measures taken by the government to lower central excise taxes on petrol and diesel, but pointed out that increasing third-party insurance rates would negatively impact customer confidence at a time when the industry just started to recover as this will further increase the start-up costs of two-wheelers in India.
“It is not common practice to charge insurance for 3-5 years instead of annual renewals, as is generally the case in many countries. The industry is seeking government intervention and support in this regard,” said Vikram Kasbekar, Executive Director of Hero Moto Corp.
The two-wheeler industry provides employment to millions of people, thereby playing an income booster in the country’s economic growth, he added.
“We must continue to support its resurgence and growth,” Kasbekar said.
Hero MotoCorp Head of Emerging Mobility Business Unit (EMBU) Swadesh Srivastava said that in line with the company philosophy of providing the highest quality products to customers, the two-wheeler manufacturer remains committed to bringing the best of electric vehicles (EVs) to its service. to customers all over the world. the globe.
“The ongoing geopolitical situation has led to massive supply chain issues and shortages of various components, including semiconductors. As we keep customers as our top priority, we feel it would be prudent to unveil the first EV product around the upcoming holiday season in instead of July, as previously announced,” he noted.