The Indian two-wheeler industry may be facing short-term challenges in the face of the COVID-19 pandemic and subsequent lockdowns, but the overall growth story remains positive, Hero MotoCorp has said in its annual report for 2019-20. Sharing information with the company's shareholders, Hero MotoCorp Chairman Pawan Munjal noted that there remains ample growth opportunities for the company, both in domestic, as well as international markets. The company's investments in R&D over the past five years have been twice that of other players in the industry, Munjal said.
"The short-term business outlook remains uncertain due to the COVID-19 pandemic. However, the long-term story of India and that of the two-wheeler industry remains intact, strong and positive. There are ample growth opportunities in India, as well as the global markets to grow our business to new heights," Munjal said in his statement to the company's shareholders in Hero MotoCorp's annual report.
"Our investments in R&D over the past five years have been twice that of the other players in the industry. We will continue to invest in brands and R&D to sustain our growth in the future," added Munjal.
Also Read: Hero Xtreme 160R Launched At ₹ 99,950
Speaking about Hero MotoCorp's product portfolio, Munjal underscored the company's strengths in the entry-level and executive segments, as well as new momentum in the entry-level premium two-wheeler segment with several products. India's largest two-wheeler manufacturer said it expects the domestic two-wheeler segment to stabilise in the next 2-3 months, at the same time expecting demand to be robust this fiscal with people expected to opt for personal mobility amidst the coronavirus pandemic. According to Hero MotoCorp, the industry is expected to stabilise by the festive season and pent-up demand will provide the much-anticipated boost to the industry.
Also Read: 2020 Hero XPulse 200 Launched At ₹ 1.11 Lakh
Hero MotoCorp launched the new Hero Xtreme 160R, a premium commuter motorcycle which the company expects will help cement its position in the high-volumes 150-160 cc motorcycle segment. Hero has also launched the updated BS6 model of the Hero XPulse 200, the entry-level adventure bike, which has managed to gain popularity among adventure-seekers as a do-it-all motorcycle at a budget.