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Royal Enfield sales registered a significant blow due to the coronavirus lockdown in the country. The Chennai-based motorcycle manufacturer registered a 41% decline in sales in the month of March 2020.
Royal Enfield announced that the company managed to record a total sales number of 35,814 units in the month of March 2020. This is a drop of 41% compared to its sales during the same month last year when it recorded over 60,000 units of sales.
The drop in sales was mainly due to the low customer sentiments in the domestic market. Royal Enfield registered sales of 32,630 units of sales in the domestic market; a 44% drop compared to 58,434 units of sales in March 2019.
The company did, however, register rather impressive growth in the export market, registering a growth of 33%. Export sales of Royal Enfield in March 2019 stood at 2,397 units, which improved to 3,184 units in the previous month.
In terms of sales during the entire financial year, Royal Enfield registered a decline of 16%. The company registered 6,95,947 units of sales in FY 2019-20, compared to a higher sales of 8,26,098 units in the previous FY 2018-19.
Vinod Dasari, CEO, Royal Enfield, said,
"It has been a challenging year for the industry, from subdued market sentiment in the initial quarters, to the current global pandemic situation. Royal Enfield, however, continues to remain invested in bringing greater innovation in products and processes."
Dasari also confirmed that the company transitioned to the new BS6 emissions well ahead of its deadline.
"We have recently completed sales of our entire BS-IV motorcycle stock ahead of the regulatory deadline, and that is testament to our focused approach and strategic planning. While the industry currently continues to face headwinds, we are confident that in the long-term, there will be slow and steady recovery."
Thoughts On The Royal Enfield Sales Figures For The Month Of March 2020
Royal Enfield has been significantly affected by the coronavirus lockdown in the Indian market. With April set to be even more challenging, considering the first half of the month will be under lockdown, while sentiments to purchase new vehicles in the second half might be down as well.