Hero MotoCorp domestic sales dip 43%; Srivastava to head new mobility unit, Auto News, ET Auto
New Delhi: Two wheeler maker Hero MotoCorp on Wednesday reported a decline of 42.9% in its sales to 349,393 units in November 2021. Its November 2020 sales were at 575,957 units, the company said.
Meanwhile Hero MotoCorp has appointed Swadesh Srivastava as head of its Emerging Mobility Business Unit (EMBU), which is set for the launch of the first electric vehicle (EV) by March 2022.
“Delay in harvesting due to the late withdrawal of monsoon in many parts of the country impacted the post festive season demand. With the economy gradually opening up and with several other positive indicators such as encouraging farm activity, confident consumer index and marriage season, a swift revival in sales is expected in the fourth quarter,” a company statement said.
Additionally, commodity prices showing some signs of softening, the reduction of excise duty on fuel and increased spending on Capex programmes by the government are likely to bring back the momentum in the two-wheeler industry, it said.
In November, Hero MotoCorp’s motorcycle sales were at 329,185 units and scooter sales at 20,208 units.
Exports of the company stood at 20,531 units in November 2021 as against 15,134 units in November 2020.
Entire EV ecosystem
Hero MotoCorp is ready to launch its first electric product in March 2022 and it will work across the entire EV eco-system such as battery technology and battery management systems, powertrain, telematics, analytics and diagnostics and charging infrastructure, the company said.
The appointment of the recently-joined Swadesh Srivastava as head of its Emerging Mobility Business Unit is expected to accelerate the process. He has worked with such tech-enabled companies as Apple, Intel, Ola Electric and Flipkart.
Srivastava did his PhD and MS from the University of Minnesota and BTech from IIT-Madras, it said.