A senior analyst at a brokerage firm tracking the auto sector said 2W sales during the 32-day festive period may have touched the 3 million or 30 lakh units mark.
The seizures include his three immovable properties worth Rs 25 crore located in Delhi.
The ED investigation found that Pawan Kant Munjal got foreign exchange/foreign currency issued in the name of other persons and thereafter utilised the same for his personal expenditure abroad.
October was one of the best months for the auto industry since the pandemic, with two-wheeler sales rsing 11.9% on the month and four-wheeler sales up 9.2%
The company sold 529,341 motorcycles in October 2022, a 26% increase over 419,568 motorcycles sold in October 2021. Scooter sales saw an even larger 30% growth
It should be noted that the case registered by the Delhi Police is not related to the Enforcement Directorate’s ongoing money laundering probe against Munjal.
For the first six months of FY24, Hero’s total sales stood at 27.69 lakh units, a drop from 28.18 lakh units sold in the same period last financial year.
In the last 2-3 years, two-wheeler prices have risen sharply, delaying the recovery of small engine-powered bikes. premium segment has not been impacted much by price rises, or slowdowns.
Both these launches address the key void in HMCL's premium product portfolio, the analysis said, referring to Hero's portfolio that is heavily tilted towards the commuter and mass markets segments.
Hero has plans to launch a new premium product every quarter for the next three to four quarters and give a facelift to its stores.
The probe by the DGGI is being monitored by other agencies, such as the ED and Ministry of Corporate Affairs (MCA), sources said.
Hero MotoCorp said it will start production of the Harley-Davidson X440 in September 2023 and commence customer deliveries from October onwards.
The raids were launched after the ED registered a case against them under the provisions of the Prevention of Money Laundering Act (PMLA).
Given Harley Davidsons' brand image and competitive pricing at which the product was launched, X 440 could be a strong contender in the premium segment.
The motorcycle is available in three variants — Denim, Vivid and S at an introductory price point of Rs 2.29 lakh, Rs 2.49 lakh and Rs 2.69 lakh (ex-showroom), respectively.
Country’s largest two-wheeler manufacturer Hero Motocorp is under the government’s lens with the Ministry of Corporate Affairs (MCA) initiating a probe against the company, as per reports.