Hero MotoCorp pulls out of Auto Expo 2020
Auto Expo 2020 will be held at Greater Noida between February 7, 2020 and February 12, 2020
Hero MotoCorp, India’s largest selling motorcycle manufacturer, has decided not to participate at the upcoming Auto Expo 2020. This move comes when big names like Royal Enfield and TVS Motors have decided not to participate in the biennial event. The Gurgaon based manufacturer in the past has showcased some outrageously advanced concept models, including a 620 cc parallel-twin Hero Hastur in 2014.
With India and the world economy going through a major slowdown, manufacturers have been trying various methods cut costs. While a certain manufacturer decided to join hands with an Indian carmaker to reduce losses, companies have started reducing the contractual labourers. Some have even started to offer Voluntary Retirement Schemes to its employees.
Adding further salt to the injury has been the governments rather eccentric approach towards electric vehicles. We expect Hero MotoCorp to join the trend started by Bajaj Auto and Royal Enfield to organise a press conference a day or two before the Auto Expo to showcase their latest and greatest.
The statement released by Hero MotoCorp said, “The domestic two-wheeler industry has been passing through a time of volatility, with market demand still continuing to be sluggish. Notwithstanding these challenges, Hero MotoCorp - and indeed the entire industry - is gearing up for the migration to the new emission norms ahead of the mandatory deadline of April 1, 2020. At a time such as this, it is prudent for us to prioritise our resources towards meeting business objectives for the benefit of our customers and other stakeholders. However, participation in the Expo would require months of preparation and allocation of massive resources - both in terms of financial spends and manpower. In keeping with the prioritised objectives, the Company has decided after much deliberation, to skip the upcoming Auto Expo.”
Hero MotoCorp’s sales were down by 20.4% to 6,12,204 units in September 2019. To attract first time buyers, Hero has introduced several special schemes including low down-payment, aggressive interest rates and easy EMIs.
