Hero MotoCorp’s December sales down 4%

Hero MotoCorp’s December sales down 4%
Pawan Munjal, Managing Director and CEO of Hero MotoCorp, India's largest maker of motorcycles and scooters, poses for a photo during a news conference in Villa Rica, Cauca July 6, 2014. Munjal announced on Sunday that Hero MotoCorp will invest $70 million in the construction of an assembly plant in Colombia, part of their expansion plan to conquer the Latin American market. The assembly plant will be located in Villa Rica, a town in the department of Cauca, in southwestern Colombia. REUTERS/Jaime Saldarriaga (COLOMBIA - Tags: TRANSPORT BUSINESS)

New Delhi: Two-wheeler major Hero MotoCorp on Wednesday reported a 3.96 per cent decline in its sales for December 2018 on a year-on-year basis.

According to the company, sales of two-wheelers decreased to 453,985 units, compared to 472,731 units sold in December 2017.

In terms of calendar year 2018, the company sold 8,039,472 units of motorcycles and scooters.

On Financial Year 2019 basis, the cumulative sales of the company in the nine month period (April-December 2018) has now risen to 6,037,901 units.

“Year 2018 was a challenging year for the global economy. While the continuing volatility in currency and commodities slowed down the pace of growth, the global geopolitical and trade conflicts also affected sentiments in markets and industries across the world,” said Pawan Munjal, Chairman, Hero MotoCorp.

“The increased cost of two-wheeler insurance ahead of the Diwali festive season and the prevailing liquidity crunch in the market impacted the overall momentum of growth in the industry during the entire third quarter.”