Continuing with its global expansion, two-wheeler market leader Hero MotoCorp plans to launch its products in Nigeria by the third quarter of this fiscal, while it also gears up to enter Argentina and Mexico by the end of the year.
“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,” Hero MotoCorp Senior Vice President and Chief Financial Officer, Ravi Sud told PTI.
According to Business Standard, Nigeria is the largest two-wheeler market in Africa with annual volumes of 1.5 million units, while Argentina and Mexico each generate over half a million units per annum.
Hero MotoCorp has set a target of selling 1.2 million two-wheelers in its global markets by the year 2020. As part of the programme, it is aiming to have presence in 50 countries by the 2020.
The company already sells its range of two-wheelers in 24 countries across Asia, Africa and Central and South America.
On the domestic front, Sud said Hero MotoCorp was aiming to maintain its market leadership through a slew of new product launches this year.
“We will be launching two new scooters in the next two months leading up to the festive season,” he said.
Yesterday, the company reported 33.33 per cent rise in net profit at Rs 750.34 crore for the first quarter ended June 30, riding on new product launches, better sales of higher margin bikes and strategic marketing initiatives.
“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,” Sud said.
He further said: “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.