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Going by actual registrations, the once-distant No. 2 Honda has nearly caught up with former partner Hero. How long can Hero, which also faces dealers’ ire over channel stuffing allegations, hold on to its crown?

India’s largest two-wheeler maker has seen a stock surge on the back of macro tailwinds, an EV push, a credible export strategy and renewed investor faith. Proving that this rally isn’t just a festive-season fling will be the real test.
The Japanese firm is giving its latest scooter swappable batteries—an experiment that could either build on or sully the fair name of the over two-decade-old Activa brand.
With most purchases made on credit and sales numbers yet to breach pre-pandemic levels, the oft-cited connection between two-wheeler sales and rural demand doesn’t really hold.