Hero MotoCorp bullish on domestic markets
New Delhi: Hero MotoCorp remains bullish on growth prospects in both domestic and international markets going ahead as it looks to enhance its presence in the premium two-wheeler segment and develop competencies in the electric vehicle space going ahead, as per the company’s Annual Report for 2020-21.
The country’s largest two-wheeler maker, which had crossed the 100 million cumulative production mark in January this year, is now set for the next phase of its expansion and growth.
“As the world recovers from the second and a significantly severe wave of Covid-19, we are upbeat about the short term growth and remain optimistic about the long-term view. We are well prepared to meet rising consumer demand and will be able to grow our business as and when the economic situation revives and re-emerges,” Hero Motocorp Chairman and Chief Executive Officer Pawan Munjal noted.
For the near and medium terms, the company is focussed on delivering products that are relevant and in line with the overall sustainability of the company, he informed the company’s shareholders.
“We are working towards multiple electric vehicle (EV) programmes and platforms and also on various other modular mobility solutions. Sustainability remains critical to our ethos and we will continue to work in line with these principles,” he added.
On the company’s premium segment plans, he noted that the partnership with Harley-Davidson is a stepping stone in the road to ‘premiumisation’ of the company’s brand and product.
“From building premium retail experience outlets to premium ownership models, Hero MotoCorp is enhancing capabilities and preparing itself to expand its presence in the premium two-wheeler segment,” Munjal noted.
The two-wheeler major is also in the process of developing a range of premium products, both under Harley and Hero MotoCorp brand names, he added.
On EV space, Munjal said the company’s partnership with Gogoro, which has a battery-swapping network, is of global significance.
“This partnership will be a key to the propagation of electric vehicle charging technology and network. I would like to share that our relationship with Ather Energy in which we have a 38 per cent stake is actively evolving into a partnership on multiple fronts. This clearly is going to pave our way into being a market leader in the EV space,” he noted.
Munjal said the company aims to strengthen its focus on the premium motorcycles and scooters segment in Bangladesh, Nepal, and Latin America.
The two-wheeler major noted that the motorcycles and scooters remain the most cost-effective and fastest mode of last-mile connectivity, and is an income enabler for many.
“A preference for personal mobility induced by the pandemic could aid near-term motorcycles and scooters demand, which has been impacted by repeated waves of COVID-19,” it added.
Hero MotoCorp sold a total of 57.9 lakh two-wheelers in the 2020-21 fiscal amid Covid-19 disruptions.
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