Hero MotoCorp encountered a subdued morning on the BSE on Wednesday, December 3, 2023, as the automaker witnessed a Year-on-Year (YoY) decline in sales for the month of December.
The stock of Hero MotoCorp saw a decrease of 2.03%, or Rs 83.00, trading at Rs 4005.80 on Wednesday, reflecting the impact of lower-than-expected auto sales reported by the company, falling short of Zee Business research projections.
In an update provided on Tuesday, Hero MotoCorp revealed that its auto sales for December 2023 amounted to 393,952, a drop from the 394,179 reported in the same month in 2022. Contrary to Zee Business research estimates of 438,240 sales for December, the company’s actual figures fell below expectations.
Breaking down the sales data, motorcycle sales for December 2023 decreased from 356,749 to 354,698, while scooter sales during the same period witnessed an increase from 37,430 to 39,294.
Adding to the developments, Hero MotoCorp announced a collaboration with Ather Energy on Tuesday for the establishment of an interoperable fast-charging network throughout India. This partnership aims to enable Electric Vehicle (EV) users to seamlessly access both VIDA and Ather grids across the country. The combined network is set to cover 100 cities with over 1,900 fast-charging points.
As of 12:40 pm, Hero MotoCorp shares were trading 2.57% lower at ₹3,983.10, indicating the market’s response to the company’s sales performance and recent collaborative initiatives.
