Hero Motors to Triple International Revenue by FY24
Hero Motors Company (HMC) is all set to cross Rs 1,000 crore in exports and international revenue by FY 2021-22, a 92% increase over FY21. Further, the group has aimed to triple its export figure to Rs 3,000 crore by FY24, backed by robust growth in European and American markets.
Earlier this year, HMC has announced plans for setting up its new international headquarters, Hero International (HIT) in London as a part of its expansion plan in overseas business. HIT has also helped Hero Cycles to strengthen its global presence with its Sri Lankan manufacturing and UK-based design facility.
The group has also unveiled its new export-oriented manufacturing facility at the Hero E Cycle Valley (Hero Industrial Park) to expand its business. Hero E Cycle Valley aims to become a key supplier in overseas market with its annual production capacity of 10 million units with 4 million premium production of bicycles and e-cycles.
Hero Cycles Ltd have retained its market share of 43% in the organised industry due to the awareness spread during Covid-19 pandemic. The company with manufacturing capacity of six million bicycles per year has also carried out acquisition of UK brands Avocet Sports and German high-end e-cycles manufacturer HNF and Firefox Bikes in India.
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