“There will be a section of people who will not want to go to crowded areas and they will buy motorcycles. there will be some who will defer their plans to buy vehicles,” said Pawan Munjal, Chairman and CEO of Hero MotoCorp, in TOI Dialogues on Tuesday.
Hero MotoCorp is deferring production capacity, predicting lower sales in FY20-21. “Cash is the most precious thing right now for any organisation. We are deferring investments in certain areas at this moment but we are not stopping anything on R&D front,” Munjal added.
Earlier in February, Hero MotoCorp announced Rs 10,000 crore investment in the next five to seven years towards product development, manufacturing facilities, and network expansion.
Hero MotoCorp showcased an array of BS6 two-wheelers including the upcoming Xtreme 160R. Commenting on product launches, Munjal said, “In February, we had showcased some new models. We are not delaying anything, we are just waiting to see a good number of customers.”
Like most automakers and OEMs, Munjal urged the government for a GST cut on vehicle sales.