India’s largest two-wheeler company Hero MotoCorp has crossed the 75 lakh units sales mark in 2017-18 fiscal year. The automobile company has sold 66.6 lakh bikes and scooters in 2016-17, becoming the first company to achieve such milestone globally.
As per the press release, the automobile maker is now targeting 1 crore unit sales by the year 2020.
On March 28, three days ahead of the close of the current financial year 2017-18, the company has surpassed 75 lakh unit sales mark. In order to achieve sales targets, the company has lined up a slew of new launches in the next fiscal to consolidate its market leadership.
The company continues to hold more than 50 percent market share in the motorcycle segment.
“We plan to launch four new products in the financial year 2018-19 in the premium and scooter categories Xtreme 200R and XPulse motorcycles and Duet 125 and Maestro Edge 125 scooters, the company recently launched three new commuter bikes Passion PRO, Passion XPRO, and Super Splendor to fortify its dominant leadership in the commuter segment”, the official said.
Hero MotoCorp MD and CEO Pawan Munjal commenting on the future growth of the company said, “With an enhanced focus on the premium segment and scooters, we are confident of carrying the growth momentum forward. Expecting market demand to grow significantly in the near future, Hero MotoCorp is also investing in ramping up its production capacity.”
Last month, it commenced construction of its eighth manufacturing facility in Chittoor, Andhra Pradesh.
With the addition of this facility, Hero MotoCorp will have a cumulative capacity of 1.1 crore units annually. Currently, it has an installed capacity of 92 lakh units per annum.