Hero MotoCorp, the leading two-wheeler manufacturer in India, is set to launch affordable electric vehicle (EV) models within the current fiscal year. The company aims to establish a strong presence in the electric two-wheeler segment, with plans to introduce its electric range in international markets as well.
In the company’s Annual Report for 2023-24, CEO Niranjan Gupta outlined a strategic roadmap for rapidly scaling Hero MotoCorp’s electric vehicle business. The company is committed to building leadership in the EV sector by developing a robust product portfolio, augmenting its existing VIDA V1 Pro model.
The upcoming fiscal year will see the launch of new products targeting the mid-and affordable segments. Hero MotoCorp’s current VIDA electric scooter range, priced between Rs 1-1.5 lakh with state subsidies, will be complemented by these new offerings.
Pawan Munjal, Hero MotoCorp’s Executive Chairman, highlighted the company’s partnership with Ather Energy, which has resulted in the creation of India’s largest public-charging infrastructure for two-wheeler EVs. Additionally, the collaboration with Zero Motorcycle aims to develop new EV motorcycles for a distinct customer segment, thereby expanding the overall market.
The VIDA V1 electric scooter has already gained significant traction in the Indian market and is poised for future launches in global markets. Hero MotoCorp has expanded its EV scooter presence from three to over 100 cities, showcasing its commitment to widespread adoption.
Innovations at Hero MotoCorp’s R&D Centres in CIT Jaipur and Tech Centre Germany are paving the way for a competitive portfolio across all segments. The company plans to introduce more premium products and expand its international, accessories, and merchandise businesses.
Gupta emphasized the importance of scale in Hero MotoCorp’s strategy, leveraging the company’s extensive customer base, distribution network, and global presence. With a supply chain capacity of 10 million units and a workforce of over 25,000 employees, Hero MotoCorp’s scale advantage is significant.
The company’s strategy focuses on speed, scale, synergy, and simplification. By accelerating product development and upgrading the sales network, Hero MotoCorp aims to reduce product rollout times and enhance decision-making processes. This approach ensures the company remains agile in response to rapidly changing global and consumer trends.