Hero MotoCorp to launch electric vehicle by March 2022
Date: 13 Nov 2021
MotoCorp, the leading two-wheeler manufacturer in India and also globally, is
accelerating its focus on producing electric vehicles (EVs) as an integral part
of its product portfolio. The company will be launching its electric vehicle by
March 2022 and it will be manufactured at its plant in Chittoor in Andhra
company’s Electric Vehicle (EV) project is in advanced stages. The plant -
aptly called Garden Factory for its eco-friendly and sustainable manufacturing
practices - will provide an integrated ecosystem for Battery Pack Manufacturing
and Testing, Vehicle Assembly and Vehicle End of Line Testing (EOL).
Hero MotoCorp reported its financial performance for the second quarter
(July-September 2021) of the FY’ 2022. Riding on a volume of 14.38 lakh units
sold during the quarter, the company's Revenue from Operations for the quarter
stood at Rs.8,453 Crore. EBIDTA margin for the second quarter
at 12.6% and Net profit for the quarter was Rs.794 Crore. Consolidated Revenue
for Q2 FY 22 stood at Rs. 8,539 Crore and Net Profit at Rs.748 Crore.
Niranjan Gupta, Chief Financial Officer (CFO),
Hero MotoCorp, said “Hero MotoCorp expects a build-up in demand over the coming
quarters as the economy continues to show recovery and improvement. Positive economic
signs, encouraging farm activities and increased need for personal mobility is
likely to restart the momentum in the two-wheeler industry and we expect
positive sentiments both in the rural and semi-urban markets. Commodity prices,
which have been impacting the industry margins so far, are showing some signs
of softening as we move from here.”
accelerated Leap-II savings program, overheads management, and judicious price
increases, we have been able to improve our margins sequentially and expect
further recovery moving forward. In keeping with its strategic vision - Be The
Future of Mobility’, Hero MotoCorp is steadily progressing on the path to
carbon neutrality and sustainability and is investing in this transformation.
The company is taking a comprehensive approach, ranging from research and
development to production of green vehicles, which also includes forging
strategic collaborations and partnerships”, he added.