Eicher Motors shares fall over 3% after decline in 2-wheeler sales in December
Eicher Motors fell 3% to Rs 3,908 in Tuesday's trade on BSE after the Royal Enfield maker announced a 7% month-on-month (MoM) decline in its two-wheeler sales in December.
During the month, the company sold 63,387 units, lower than in December 2022 when the company sold 68,400 units, Eicher Motors said in an exchange filing.
Meanwhile, Eicher Motors sold 55,401 units of models with engine capacity up to 350cc, down 10% as compared to 61,223 units in December last year.
Two-wheelers with engine capacity exceeding 350 cc rose 11% as the 2-wheeler maker sold 7,986 in December 2023 as against 7,177 in December 2022.
At the same time, international business witnessed a fall of 29% as the firm sold 6,096 units in December 2023 as compared to 8,570 units in December 2022.
At 10.58 am, the stock was trading 2.9% lower at Rs 3,918 on BSE. However, in the last one year, the stock has surged over 21%, and 51% in the past two years.
Meanwhile, its arm VE Commercial Vehicles Ltd.
posted a 12% growth in total sales at 7,468 units in December 2023.
VE Commercial Vehicles (VECV), a joint venture of the Volvo Group and Eicher Motors, had sold 6,671 units in December 2022, Eicher Motors said. December 2023 sales included 7,789 units of the Eicher brand and 237 units of the Volvo brand, the company added.
In the domestic commercial vehicles market, Eicher-branded trucks and buses recorded sales of 7,468 units in December 2023 compared to 6,671 units in December 2022, a hike of 12%.
Exports of Eicher-branded trucks and buses were down 3% at 321 units from 332 units in December 2022.
