Hero MotoCorp Ltd.'s efforts to increase market share in the premium segment got a boost after its latest offering, the Karizma XMR 210, received nearly 14,000 bookings in the first month.
The motorbike, launched in late August, at an introductory ex-showroom price of Rs 1.73 lakh, has notched 13,688 bookings since, according to the two-wheeler maker on Wednesday. It will now cost an ex-showroom price of Rs 1.80 lakh in a new booking window, which the company will announce soon.
"The overwhelming number of bookings speaks volumes about the trust and enthusiasm that our customers have shown for the flagship motorcycle," Ranjivjit Singh, chief business officer at the company's India unit, said in a statement.
Hero MotoCorp is committed to delivering an exceptional premium riding experience to every Karizma owner, he said.
The declining demand for entry-level two-wheelers is what motivated Hero MotoCorp's quest for a larger market share for bigger motorcycles.
In the last few years, the company had to get back to the drawing board as its limited presence in the premium and scooter markets led to market share losses, which continued even in the year-ended March.
Hero MotoCorp’s market share dropped to 32.07% in FY23 from 34.35% in the previous fiscal.
The company built its foundation on no-frills motorcycles—a segment that was the hardest hit after the implementation of new emission norms and a surge in commodity prices that led to price hikes that were disproportionately higher than the increase in income levels of buyers.
First launched in 2007, the Karizma continued to find buyers in its various iterations until 2014. Hero MotoCorp brought it back in a new avatar nine years later to build its premium portfolio.
The company has already said that it will launch the highest number of premium bikes in its history in FY24, including reintroductions of earlier models and refreshed versions of existing ones.
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