Hero Cycles strategic alliance with Yamaha, Mitsui for electric bicycles
Date: 21 Nov 2018
Hero Cycles of India, which
recently entered into the electric bicycle segment, has entered into a
strategic alliance with Yamaha Motor Co., Ltd. and Mitsui & Co., Ltd. of
Japan for technology, manufacturing and marketing of Hero electric bicycle
powered by Yamaha electric drive unit.
The announcement was done at
Yamaha Motors headquarters in Iwata, Japan by Hero Motors Company Chairman
& Managing Director Pankaj M Munjal, Yamaha Motor Co., Ltd. Executive
General Manager SPV Business Unit Mitsuyoshi Sunakawa and Mitsui & Co.,
Ltd. General Manager Third Motor Vehicles Div. Yuji Tokunaga.
“The partnership has been
formed with a forward looking plan which includes development of new e-mobility
products jointly by Hero and Yamaha, with go-to-market sales, distribution
& marketing support by Mitsui & Co., Ltd.”, says Munjal. The first
product for India to roll out from this alliance would be a high-end E-MTB,
which is the same segment that has seen the fastest growth in Europe in the
The announcement comes in the
wake of other initiatives recently announced by Hero Cycles, amongst which the
“Cycle Valley” project which would serve as is a hub for end-to-end supply
chain of the bicycle industry. The Cycle Valley would be led by Hero Cycles as
the anchor investor and will create an ecosystem of suppliers in joint ventures
with global bicycle component makers.