The company's total two-wheeler sales declined 35 per cent at 2,10,976 units as compared to 3,23,538 units in the year-ago month. Domestic two-wheeler sales were at 98,412 units last month as against 2,20,213 units in March 2019, a decline of 55 per cent, it said.
The company, which primarily makes two-wheelers and three-wheelers, had sold 3,25,323 units in March 2019, TVS Motor Company said in a statement.
The company told analysts that the unsold stock totals about 1.5 lakh units. With the Supreme Court allowing 10% of unsold inventory to be registered, Hero MotoCorp will be offering discounts of Rs 10,000 on a motorcycle and about Rs 15,000 on a scooter to clear inventory that remains unsold.
Hero MotoCorp will invoke force majeure to suspend full payments to vendors as sales come to a standstill
While operations at the Surajpur and Faridabad were suspended from Monday onwards, operations at the Chennai plant will be suspended from Tuesday. Employees working at the company's head office and area offices have been provided with the option to Work from Home till March 31st.
The company said in this ongoing unprecedented crisis, Honda is determined to take each and every possible step for the safety and security of its employees and partners.
BS-IV norms compliant vehicles cannot be registered in India beyond 31 March as the new BS-VI emission norms will become applicable from 1 April. “Starting March 21, 2020, all Royal Enfield stores across India will retail only BS VI motorcycles,” the company said in a statement.
“The company has filed an interlocutor application today before the Hon’ble Supreme Court of India seeking relaxation of the deadline set for sale it registration of BSIV vehicles i.e. 31.03.2020.” The company has two weeks inventory of BSIV-compliant motorcycles and scooters which cannot be be sold once the country moves to BSVI emission norms.
In the face of a sharp downturn in footfalls across automobile showrooms in the country, two-wheeler makers are extending record discounts to liquidate inventory of BS-IV-compliant models amid an outbreak of coronavirus.
Commenting on crossing the milestone, HMSI Senior Vice-President (Sales and Marketing) Yadvinder Singh Guleria said, "The launch of six BS-VI-compliant models offering many segment-first features has provided Honda with great momentum to leap ahead in the BS-VI era."
The company has launched 14 BS-VI compliant products across the RE, Maxima and Maxima Cargo brands and thus has transitioned to BS-VI regime for the entire three-wheeler range, Bajaj Auto said in a statement.
The two-wheeler major is also looking to have a separate exclusive sales network for the premium bikes as its looks to establish the business as a sustainable standalone vertical going ahead.
The largest two-wheeler maker in the country, Hero MotoCorp saw its sales decline by almost 20% as the company sells primarily in the domestic market where demand has taken a severe hit due to a wider economic slowdown and sharp price hikes for vehicles due to regulatory interventions.
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