Shares of Eicher Motors slipped around 4 percent in early trade on July 4 after competitor Hero Moto Corp, along with Harley Davidson, announced launch of X440 in India.
At 9.34am, the stock was trading at Rs 3483.85 on the National Stock Exchange, down 4.05 percent.
Harley-Davidson and Hero MotoCorp have launched the X440 in India, which is the smallest and most affordable Harley-Davidson bike to ever come to India since the Street 750. Priced at Rs 2.29 lakh (ex-showroom), the X440 competes against the upcoming Royal Enfield Hunter 450 launched by Eicher Motors.
The bike has been jointly designed and developed by Harley and Hero, and bookings are expected to open on July 4, 2023. The launch of the bike marks a new era for both Hero MotoCorp and Harley-Davidson as they strive to win in the premium segment of motorcycles in India. Commenting on the launch, Niranjan Gupta, CEO of Hero MotoCorp, said, "We will do whatever we can to win in the premium segment."
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In other news, Eicher Motors, the maker of Royal Enfield, recently reported positive June sales numbers. Total sales of Royal Enfield motorcycles were up 26 percent at 77,109 units, compared to 61,407 bikes YoY.
Total sales of VE Commercial Vehicles Limited (VECV), a joint venture between the Volvo Group and Eicher Motors, were up 6.5 percent at 6,715 units from 6,307 vehicles in the year-ago period.
Domestic sales for VECV were up 12.4 percent at 6,277 units from 5,584 vehicles, but exports were down 58.4 percent at 250 units, against 601 units in the year-ago period.
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