India's battered auto sector is finally seeing signs of recovery as more and more auto giants register exceptional growth. Hero MotoCorp Ltd. has recorded its highest ever monthly sales in October, with a stunning 35% year-on-year increase in its domestic wholesales.
The company sold 8.06 lakh units last month, wherein a little over 7.91 lakh units were purchased in India itself.
In October, dispatches of motorcycles increased by 32.5%
Hero MotorCorp, the world's largest two-wheeler manufacturer, has also increased inventory at dealerships as it expects increased demand during the Diwali festival.
In October, the total dispatches of motorcycles and scooters increased by 32.5% and 59.6% to over 7,32,498 units and 74,350 units, respectively.
In September and August, the company's dispatches stood at over 6.97 lakh and 5.68 lakh, respectively.
The company also registered a solid 28% rise in exports
During the month of October, Hero MotoCorp exported 15,711 units, registering a massive jump of 28.14% in total exports. Notably, the company restarted operations at its Haryana and Uttarakhand factories from May 5.
Positive customer sentiments responsible for the record, states Hero
Hero MotoCorp has attributed the achievement to various stakeholders including the customers, government, and employees.
In a press statement, the company said, "A positive turnaround in customer sentiments - particularly for motorcycles across markets, continued government policy support and a credible resumption of the supply chain, logistics and business operations have enabled the company to achieve record numbers during the auspicious festive period."
Separately, Hero has also increased the prices of its vehicles
Evidently, automakers are facing challenges due to the COVID 19-induced lockdowns, disruption in supply chain network, and increased inspection of imported parts from China. Hence, in order to negate the increase in commodity cost, Hero MotorCorp has raised the prices of its vehicles by 2%.