August 2023 Sales Report: Hero MotorCorp Reports A 24.89% MoM Growth

Hero MotoCorp recorded remarkable sales figures for August 2023. The brand witnessed a considerable rise in sales, with 488,717 units sold in August 2023. It is 5.64%, more than the previous year.

In August 2022, Hero MotoCorp sold 430,799 motorcycles, while the brand sold 452,186 motorcycles in August 2023. This resulted in a growth of 4.96%. In addition, the brand’s best-selling was Splendor. The Splendor & HF Deluxe motorbike lines account for about 90% of Hero MotoCorp's domestic sales. 

Moreover, they sold 36,531 scooters in August 2023, whereas in August 2022, they sold 31,809 scooters. The scooter segment grew 14.84%. In August 2023, Hero MotoCorp sold 472,947 domestic units; in August 2022, 450,740 units were sold, witnessing a 4.93% growth.

Meanwhile, exports witnessed a spectacular growth of 32.88%, jumping from 11,868 units delivered in August 2022 to 15,770 units exported in August 2023.

August 2023 Hero MotoCorp Sales Performance Month-over-Month

The results for August 2023 compared to July 2023 also showed impressive growth. 360,592 motorcycles were sold in July, while the brand sold 452,186 motorcycles in August, witnessing a 25.40% increase.

Moreover, the brand sold 30,718 scooters in July, whereas 36,531 scooters were sold in August, translating to an 18.92% growth.

Hero MotoCorp significantly exceeded the prior month domestically in August, with sales increasing by 27.41%. The brand sold 472,947 units. However, exports saw a minor decline, falling to 21.57%, with 15,770 units sent out.

Total Sales for the Fiscal Year

Despite several difficulties, Hero MotoCorp's performance has been good thus far in the current fiscal year. A total of 20,75,418 units of motorcycles were sold during the current fiscal year (FY24 YTD). It is a small decline of 3.84%,  as 21,58,381 units were sold during the previous fiscal year (FY23). On the contrary, scooter sales impressively increased by 12.27%, jumping from 1,40,000 units in FY23 to 1,57,183 units sold in FY24 YTD.

Domestic sales for the first quarter of FY24 totalled 21,61,401 units, leading to a modest decrease of 2.18%. Besides, exports decreased by 19.81%, going from 88,791 units in FY23 to 71,200 units in FY24 YTD.

Positive Output

Domestic sales for the first quarter of FY24 totalled 21,61,401 units. It turned out to be a modest decrease of 2.18% from the same time in FY23 (22,09,590 units). The brand exported 88,791 units in FY23 and 71,200 units in FY24 YTD. It means exports decreased by 19.81%.

Hero MotoCorp's steady expansion and impressive sales numbers highlight their tenacity in a competitive industry and confirm their status as the world's top motorbike and scooter producer. 

But before you go, don’t forget to check out Aug 2023 Sales Report of TVS, which Witnessed Highest Ever Sales with 3.61% Growth YoY.

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