Hero MotoCorp (HMCL) is working on its global expansion plan very aggressively. The two-wheeler giant has planned to launch its products in Nigeria by third quarter of this fiscal, for which they have also shortlisted the dealers. Hero will also be targeting Argentina and Mexico by the year end.
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Hero is targeting to sell around 1.2 million two-wheelers in the global market along with brand presence in 50 countries by the end of 2020. As of now company sells two-wheeler range in 24 countries across Asia, Africa and South America.
Ravi Sud, Senior Vice President and Chief Financial Officer, Hero MotoCorp said:
"We have shortlisted a distributor for Nigeria and we will be making our entry into that market by the third quarter. We are hopeful of launching our operations in Argentina and Mexico towards the end of the year, We will be launching two new scooters in the next two months leading up to the festive season."
In Africa, Nigeria is considered to the largest tw0-wheeler market with an annual volumes of 1.5 million units, while Argentina and Mexico generates 5 lakhs units per annum.
Ravi Sud also said:
"In the domestic market, thanks to the success of Glamour and Super Splendor, we closed the first quarter with over 50 per cent share in the 125cc category, which is our highest ever share in that segment and in the 100-110cc deluxe segment the company has over 70 per cent share at the end of Q1, which is also one of our highest-ever in that segment."
Hero has also bought certain assets of Eric Buell Racing for $2.8 million last month as a part of settlement agreement.
News Source: Hero MotoCorp plans to enter Nigeria, Argentina, Mexico this fiscal - The Economic Times
Hero is targeting to sell around 1.2 million two-wheelers in the global market along with brand presence in 50 countries by the end of 2020. As of now company sells two-wheeler range in 24 countries across Asia, Africa and South America.
Ravi Sud, Senior Vice President and Chief Financial Officer, Hero MotoCorp said:
Quote:
"We have shortlisted a distributor for Nigeria and we will be making our entry into that market by the third quarter. We are hopeful of launching our operations in Argentina and Mexico towards the end of the year, We will be launching two new scooters in the next two months leading up to the festive season."
Ravi Sud also said:
Quote:
"In the domestic market, thanks to the success of Glamour and Super Splendor, we closed the first quarter with over 50 per cent share in the 125cc category, which is our highest ever share in that segment and in the 100-110cc deluxe segment the company has over 70 per cent share at the end of Q1, which is also one of our highest-ever in that segment."
News Source: Hero MotoCorp plans to enter Nigeria, Argentina, Mexico this fiscal - The Economic Times