Hero Sells 11,600 Units Of Its Electric Scooter-VIDA in 32 Days

Hero Sells 11,600 Units Of Its Electric Scooter-VIDA in 32 Days

The Diwali festival season has provided a significant boost to the electric vehicle (EV) segment of Hero MotoCorp. The company’s electric brand, VIDA, witnessed strong retail sales during the festive period. In its latest filing, Hero MotoCorp elaborated on the surge in sales for its EV product.

32-Day Festive Period

Hero MotoCorp reported that during the 32-day festive season, VIDA achieved 11,600 retail sales. This surge in demand has led the company to express optimism about continued strong sales in the upcoming months.

“The company is geared to strengthen its premium and scooter portfolio with the launch of new models across ICE and EV segments. It expects a positive trend in the coming months on account of favorable economic indicators and improving customer sentiments,” the company said in a statement.

VIDA EV Sees Increased Sales

Hero MotoCorp also highlighted the sustained growth of its VIDA EV brand during the festive season. This momentum helped VIDA gain market share, thanks to ongoing expansion efforts. The VIDA network continues to grow, with Hero Premia and Hero 2.0 outlets playing a key role in strengthening its presence.

“VIDA, Hero MotoCorp’s EV brand, sustained its festive momentum with good retail sales and an increase in market share. Additionally, the ongoing VIDA network expansion, through Hero Premia and Hero 2.0 outlets, continues to yield positive results,” the company said.

Record-Breaking Sales

In terms of overall performance, Hero MotoCorp achieved record retail sales during the 32-day Diwali period. The company sold over 15.98 lakh (1.6 million) units, marking a 13% growth compared to the previous year’s festive season.

“Hero MotoCorp, achieved its highest-ever retail sales during the recent 32-day festive period, starting from Navratri. With sales of over 15.98 lakh (1.6 million) units, the company registered an impressive 13% growth compared to the festive season of 2023. VIDA crossed a significant milestone by achieving 11,600 retail sales during the same period. The Harley Davidson X440 achieved sales of over 2800 units, highlighting the brand’s popularity.”

New Product Launches 

In November, Hero MotoCorp showcased its premium range of motorcycles and electric vehicles at EICMA 2024, unveiling several highly anticipated models, including:

• Xpulse 210
• Xtreme 250R
• Karizma XMR 250
• VIDA Z electric scooter

These models are designed to cater to diverse riders, from adventure enthusiasts to eco-conscious urban commuters. Hero MotoCorp is also preparing to launch the electric version of VIDA, with development in the final stages, as stated during the company’s latest investor call.

Expanding EV Portfolio 

Hero MotoCorp plans to expand its electric vehicle portfolio with additional launches in the near future. The company currently offers two electric scooter models and has partnered with Zero Motorcycles to further strengthen its position in the electric mobility market.

Additionally, the company is optimistic about lower global battery costs, which may allow Hero MotoCorp to pass on cost benefits to consumers, as long as battery prices remain low. However, management has cautioned that if prices rise, passing on further benefits could become challenging.