Eicher Motors drops on 8% YoY decline in May domestic two-wheeler sales

In a filing to the stock exchanges on June 1, Eicher Motors said that its total two-wheeler sales witnessed an 8% decline to 71,010 units in May 2024 against 77,461 bikes sold in May 2023. The company’s total bike sales grew marginally by 2% on a year-on-year basis in the year-to-date period (April to May 2024) to 1,52,880 units compared to 1,50,597 units in the same period of the previous year.

The company’s bike sales in the up to 350cc engine segment for the month of May, 2024 fell 13% to 59,852 bikes compared to 69,038 bikes in May, 2023. The two-wheeler manufacturer’s sales in the up to 350 cc segment from April to May in 2024 fell 1% to 1,32,718 bikes compared to 1,33,766 bikes sold in the same period of the preceding year.

The company’s sale of bikes with engine capacity exceeding 350cc grew 32% to 11,158 units in May 2024 compared to 8,423 units in the year-ago period. Eicher Motors’ two-wheeler sales in the more than 350cc engine category year-to-date 20% to 20,162 in 2024 compared to 16,831 vehicles in the same period of the previous year.

The company’s two-wheeler sales in the international market grew 12% to 7,479 units sold in May 2024 compared to 6,666 units sold in May 2023. The company’s sales in the international market from April to May in 2024 surged 31% to 14,311 units sold compared to 10,921 units sold in the year-ago period.

The manufacturer of Royal Enfield motorcycles informed the exchanges on May 15 that its subsidiary VE Commercial Vehicles Ltd (VECV) has established a Joint Venture with iTriangle Infotech for developing and delivering fleet management solutions for truck and bus customers operating in various applications. The company said in a release that the joint venture will centre around developing fleet management systems for VECV which use telematics devices supplied by iTriangle Infotech.

Shares of Eicher Motors dropped nearly 2% to an intraday low of ₹4,640 apiece on the NSE in morning trade. However, the automobile stock recovered some of the losses to close at ₹4,670 apiece, down 1.34%, on the NSE.