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Pune based auto manufacturer Bajaj Auto forecasts that sales from exports of its motorcycles will help offset its losses incurred during the lockdown that was in effect because of the Covid-19 pandemic.
The company says that the early recovery of sales of motorcycles in its export markets will help offset disruptions that were faced in its domestic market. Bajaj Auto is currently the largest exporter of two-wheelers in India.
Mr Soumenn Ray, the Chief Financial Officer at Bajaj Auto said, "All our export markets were also affected but recovery has been better there, than in India. We will continue to remain aggressive on exports."
The brand is planning to fire up an assembly plant in Brazil over the next 18 months, and has plans to open design offices in Thailand with the aim of expanding their ASEAN markets. In addition, Bajaj will open a design office in Europe.
The company says that exports account for between 40 and 45 percent of group motorcycles, but have performed better this year. The first half of the year saw the company export 6.64 lakh motorcycles while selling 5.89 lakh motorcycles in India.
The company currently exports motorcycles to African, Asian, and Latin American markets.
In addition, sales for the month of June stand at 2,78,097 units as compared to the 4,04,624 units sold during the same period last year. Domestic sales have witnessed a decline of 31 percent.
In Bajaj related news, the brand recently announced a price hike for some of their popular models. Prices have increased between Rs 1,000 and Rs 2,000 for the CT 100, the CT110, the Platina H-Gear, and the Pulsar 125, 180F & 220F models among others. To know more, click here.
Thoughts About Bajaj Forecasting That Exports Of Motorcycles Will Offset Losses From Domestic Markets
We think domestic markets will outperform the brand's exports over the next couple of months. The Covid-19 situation, and the increasing demand for personal mobility in order to maintain social distancing will draw more customers, even when compared with the pre-Covid era. And this is a situation world over. Most nations that are lifting Covid restrictions are expected to witness a demand and an increase in sales of automobiles.