ground-breaking ceremony for the manufacturing facility of HYM Drive Systems, a
Joint Venture between Hero Motors and Yamaha Motors Co. (Japan) took place on April
2, 2022, presided over by Pankaj Munjal, Chairman and Managing Director of Hero
Motors Company (HMC) Group.
Motors and Yamaha Motor Co. (Japan) entered into an agreement in October 2021
to create a Global E-Cycle (Electric) Drive Unit company at Hero E-Cycle Valley
in Ludhiana. This joint venture is the next step in the strategic alliance
forged between Hero and Yamaha in September 2019 to work together in the e-cycle
manufacturing facility is a part of our Joint strategy with Yamaha to localize electric
drive units in India to cater to domestic as well as global e-cycle markets,”
added, “HMC envisions India to be a global manufacturing hub for e-cycles and
the drive systems. The EU e-bicycle market is growing by 25% CAGR and e-bike
market globally is expected to reach $49 billion by 2028, probably the fastest
across consumer product categories, and Hero is now well-poised to acquire a
major chunk of this with key elements of the value chain in place – R&D,
Manufacturing, Brands, Distribution and After-Sales Service. This joint venture
is a major component of our ambition to be the first fully integrated player
globally in the E-Cycles segment and adds strength to our initiatives like
setting up of world-class industrial park in, Hi-Tech Cycle Valley, Punjab.”
100-acre Hero E-Cycle Valley currently manufactures cycles and e-cycles for
global cycle OEMs and will start manufacturing cycle components like alloy rim,
aluminum frames, handle bars, etc. This new facility inside cycle valley will
start production by November 2022 with a capacity of 1 million drive units in
phases. The product could be used in the Hero and Yamaha branded e-cycles and
sold to the global market through Hero and Yamaha’s OEM network.
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