Hero MotoCorp rose 2.35% to Rs 3,398.25 after the two-wheeler major said that it will soon commence its operations in Mexico as part of its global expansion strategy.
Hero MotoCorp has entered into a distribution agreement with Grupo Salinas, a group of fast-growing and technologically equipped companies focused on creating economic, social and environmental value founded by Mexican entrepreneur Ricardo Salinas.
Following the agreement, the two companies have come together to form one of the largest distribution networks globally to sell competitive, high-quality products in the large Mexican market.
In the first phase of operations, Hero MotoCorp will launch nine products, including motorcycles - for work (100cc), street (125cc), premium (150cc, 160cc) and on-off segments - and scooters. All these products are being designed and developed at Hero's state-of-the-art R&D hubs in India and Germany. Hero MotoCorp now has extensive presence across Asia, Africa, South and Central America and the Middle East. In Latin America, the Company is now present in more than 10 countries.
Hero MotoCorp has eight world-class manufacturing facilities, including six in India and one each in Bangladesh & Colombia. It also has a global R&D presence with technology centers in India, the Center of Innovation and Technology in the northern Indian city of Jaipur, and the Hero Tech Center GmbH in Germany. The announcement was made after market hours yesterday, 27 January 2021.
On 21 January 2021, Hero MotoCorp rolled-out its 100 Millionth two-wheeler in cumulative production since its inception. This achievement of the 100 million cumulative production by Hero is one of the fastest global achievements of this landmark.
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The two-wheeler major's consolidated net profit jumped 9.1% to Rs 963.82 crore on 23.7% increase in net sales to Rs 9,473.32 crore in Q2 September 2020 over Q2 September 2019.
Hero MotoCorp is the world's largest manufacturer of motorcycles and scooters, in terms of unit volumes sold by a single company in a year.
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