Hero MotoCorp reported a sales drop of 4.24 per cent for the month of February. The company sold 5, 01,271 motorcycles compared to 5, 23,465 motorcycles in the same month previous year.
"Selling over five lakh units despite the overall sluggishness in the market is an encouraging sign of customer preference and sustained demand for our products in the market. However, the overall sentiment in the industry still remains weak." said Anil Dua, senior vice president (marketing and sales), Hero MotoCorp. High interest rates, persistent inflation and delayed monsoon have all played their part in building to a rather poor consumer sentiment in this fiscal." he added.
Hero MotoCorp has been also going through labour issues for the past couple of months. The Gurgaon plant workers are demanding a wage hike of Rs 15,000 per month over a period of three years. The management is still in talks with the workers to get this issue resolved.