India’s finest two-wheeler makers- Hero MotoCorp, Honda Motorcycle (HMSI), Bajaj Auto and TVS is said to have 80 percent drop in sales in May over Covid-19. The companies say that the sales are up as people are going for personal vehicles as an option.
For HMSI, factory dispatches stood at 54,000 units in May as against 519,072 units dispatched same month last year. The company said its retail sales crossed the 1.15 lakh unit-mark this month.
Yadvinder Singh Guleria,Director — Sales & Marketing, HMSI, said, “May’20 saw the wheels of business start turning slowly after the zero dispatch in the month of April’20. By now, a sizable 70 per cent of Honda dealerships resumed operations. With sufficient availability of six BSVI products at our network (3 scooter and 3 motorcycle models), our network was able to kick off initial sales momentum crossing over 1.15 lakh.”
Hero MotoCorp’s sales dropped to 83 percent dispatching 1,08,848 units last month. Retail sales were up to 1,08,848 units previous month. Bajaj’s sales too fell, It sold 39,286 units last month as against 2,05,721 units in May 2019, while TVS reported 82 per cent year-on-year decline in two-wheeler sales volume at 41,067 units.
“We are seeing a progressive opening of dealerships across the country and overseas in the last two weeks of May and increasing further into June. We are also witnessing a steady pick-up in retail since the last few days,” TVS said.
Reliance Retail Ventures Raises Rs47, 265cr from Investors
Alibaba Invests To Boost Its Stake in Sun Art Retail Group
Jet Airways May Fly Again Soon; Two Lenders Bid For The Revival
Founder Kishore Biyani explains the exit of Future Group from retail business
Reliance Retail Attracts Investments from Singapore’s GIC and TPG
© 2020 CIO Bulletin. All rights reserved.