Hero motorcycles expands its operations in Central America
Hero MotoCorp, India’s largest two-wheeler manufacturer, expanded its international foothold by launching its range of two-wheelers in Guatemala, El Salvador and Honduras under the brand name Hero. To enter the above mentioned Central American markets, Hero MotoCorp has signed a joint venture with Indy Motos which has been appointed as the authorised distributor for its range of two-wheelers in the above mentioned countries.
Speaking on the move, Pawan Munjal, Managing Director & Chief Executive Officer, Hero MotoCorp, said, “This launch is a significant milestone for us considering this is the first of the new international markets where we are starting our operations. It gives me immense Pleasure to announce Indy Motos as our partner for Guatemala, Honduras and El Salvador. I am sure that their rich experience in this market and knowledge of the local customer will go a long way towards further strengthening our business here.”
Hero has launched the Karizma, Hunk, Glamour, HF Dawn, Super Splendor, Splendor NXG and Achiever in the three Central American countries. Expansion in foreign markets seems to be a positive move for Hero with bike sales dwindling in the domestic market (Hero sales figure for April 2013). Hero will soon start operations in Latin & Central America and Africa and has set a target to register 10 per cent of its overall sales from overseas markets. Currently Hero exports to Colombia, Bangladesh and Nepal.