Business

IIE Digital Desk : Honda Motorcycle and Scooter India (HMSI) reported a 22.80% decline in its total sales in  2023 to 3,38,026 units. The company's domestic sales fell 23.73% to 2,96,576 units, while exports declined 17.67% to 41,450 units. The decline in sales was mainly due to the ongoing chip shortage and supply chain disruptions. The chip shortage has been affecting the automotive industry globally, and it has hit Honda 2W particularly hard. The company has been forced to cut production and export volumes, which has led to the decline in sales.

HMSI expects the situation to improve in the coming months, as the chip shortage is expected to ease. However, the company said that it will continue to monitor the situation and take appropriate measures to mitigate the impact of the chip shortage. In the meantime, HMSI is focusing on increasing sales of its existing models. The company has also launched a few new models in the recent past, and it plans to launch more new models in the coming months. The company is confident that it will be able to recover lost ground and achieve its sales targets for the current financial year.