Hero MotoCorp turns to EVs to boost Indian market share
Hero MotoCorp, India's leading two-wheeler brand, has set its sights on sustainable growth and an increased market share across all segments. As the company's margins return to pre-COVID levels, it plans to roll out new products in the coming quarters, including the highly anticipated Harley-Davidson X 440. The roadster motorcycle, which has already received over 25,000 bookings since its debut, is a testament to the strong partnership between Hero MotoCorp and Harley-Davidson, as both companies co-designed and co-developed the model.
The bikemaker is focusing on strategic product launches and partnerships
The business margin for Hero MotoCorp's internal combustion engine-powered two-wheelers has rebounded to an impressive 14.5%, up from the 11.5% margin experienced during the COVID period. The company's primary focus is on driving growth and increasing market share through strategic product launches and partnerships. The CEO has emphasized the crucial role these initiatives play in ensuring the company's ongoing success.
It plans to increase its presence in the EV market
Looking ahead, Hero MotoCorp has ambitious plans to launch an electric two-wheeler range in 100 cities by 2023. Its goal is to establish clear leadership in the emerging vehicle segment. Furthermore, the company aims to expand the X 440 portfolio and explore new geographies in collaboration with Harley-Davidson. This premium product strategy is expected to play a pivotal role in the bikemaker's efforts to enhance its market presence and achieve long-term business growth.
