Electric, India’s largest EV two wheeler maker, is expanding capacity of its
all new production facility in Ludhiana owing to growing demand being witnessed
by the brand. With this initiative, Hero Electric aims to drive growth in the
EV two wheeler sector and plans to subsequently add production capacities of
one million every year with a target to manufacture over five million EV 2W per
year by 2026.
market leaders with around 4 lakh EVs on road the brand has seen a tremendous
growth in demand and overall sales of its most popular scooters in the ‘City
Speed’ segment post unlock in June, 2021. The company also reported a surge in
sales in the months of July & August with a consistent growth in market
share. Hero’s scooters with the revised amendments to FAME 2 and additional
state subsisdies are the most affordable EV two-wheelers in the country with
prices starting atRs.53,600 (post subsidy).
the last few months, Hero has continued its expansion of experience centres and
dealerships to reach out to the masses looking for alternative modes of
mobility. The company will in the next few months launch exclusive experience
showrooms in major centres to educate and create awareness for EVs in India.
Munjal, MD, Hero Electric said, “The last few months have set the tone for the
next few years to come. An extremely conducive environment given the new policies
and subsidies which is supporting in
growing awareness among
consumers. This has also led to a tremendous shift in the industry that
has directly led to a growth in demand for EV two-wheelers”.
We are hence ramping up our production facilities to manufacture over 5 lakh
vehicles and will go on to expand to add capacities to make over 1 million
vehicles every year, year on year to meet the growing demand. We at Hero are
extremely bullish about the market and are looking forward to a new era of
electric mobility,” he added.
Gill, CEO, Hero Electric said, “At Hero, we have always believed that the
growth in the industry is going to see a hockey stick curve some day and the
numbers from the last few months is an index of what is in store. We are
witnessing huge walk ins at our dealerships and are working overtime to avoid
stock out situations and long waiting lists. We believe the customer is now
actively considering buying Hero E Bikes as a practical and viable alternate to
petrol bikes because of attractive sticker price and ‘best in class’ savings in
the total cost of ownership. We are therefore redrawing our business plans to
retain our leadership position that we have held all these years.”
had, earlier in June announced its Series B round of funding to drive expansion
of its facilities and the company continues to be committed to transforming the
way the nation commutes. Over the past decade, Hero Electric has launched over
15 electric two-wheelers in India. The company’s best-selling scooters, in the
“City Speed” segment have now become the go to bikes for the retail customer
and also for the B2B segment across the country.
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