India’s largest two-wheeler maker, Hero MotoCorp, has set a lofty goal to capture a significant portion of the country’s electric two-wheeler market. According to LiveMint, the local two-wheeler giant aims to accelerate its electric vehicle strategy and plans to launch a series of electric vehicles in the next 18 to 20 months to expand its product portfolio and cater to different segments of the electric two-wheeler category. market.
The report quoted Swadesh Srivastava, head of the company’s emerging mobility business unit, as saying that Hero MotoCorp aims to bring more affordable and mainstream products to the Indian electric two-wheeler market. The two-wheeler maker has started deliveries of its first electric scooter, the Vida, to customers in three Indian cities in December. The company claims to have delivered more than 250 scooters so far.
Also read: Ola Electric says its first EV could be launched next year
Hero MotoCorp claims its current focus is to expand the Vida EV’s footprint to more cities in India. The company plans to launch in multiple cities in the coming quarters. Vida electric scooters are currently available in Delhi, Bengaluru and Jaipur. Hero also claims it has a large order for Vida electric scooters.
Hero MotoCorp also revealed that in order to boost its electric vehicle business, the company is reinvesting profits from its internal combustion engine business into making electric vehicles. Niranjan Gupta, Hero Electric’s chief financial officer, said that EV scooters have started to continue to add to the company’s overall revenue and will gradually grow.
Hero MotoCorp is the latest entrant to join the electric scooter bandwagon. It launches Vida V1 Pro and Vida V1 Plus in October 2022 ¥159,000 and ¥145,000 respectively. They’re fairly expensive electric scooters in a market currently dominated by many EV startups. Vida V1 scooter competes with competitors like Ola S1, Bajaj Chetak, TVS iQube etc.
First published date: Feb 9, 2023 at 08:24 AM CST