Hero Electric reports one-lakh unit sales for second consecutive financial year

Electric two-wheeler manufacturer Hero Electric on Monday reported that it has crossed one-lakh unit sales mark for the second consecutive financial year. The company has attributed its sales performance to its wide range of revamped products - Photon, Optima, NYX, Eddy and Atria - that come with multiple variants to cater to the different rider requirements.

The OEM crossed ₹1,000 crore turnover in FY23, witnessing a 20% increase over the previous year. “This achievement is a result of our continued efforts to provide sustainable and affordable mobility solutions. It further fortifies the trust that our customers have placed in us and our products," said Sohinder Gill, CEO, Hero Electric.

The company recently launched three new products focused on connected vehicle technology - Optima CX5.0 with dual battery, Optima CX2.0 and NYX Dual Battery. The OEM claims that its electric vehicles come with optimized powertrains, enhanced safety, and smart-connected mobility. “We will continue to innovate and bring new products to the market that meet the evolving needs of our customers and reduce carbon emissions," Gill added.

With the government's push towards promoting electric vehicles and an increase in demand for clean and sustainable mobility solutions, Hero Electric is working on expanding its manufacturing capacity and dealership presence across the country. The company currently has a manufacturing capacity of half a million bikes and plans to set up a greenfield plant in Rajasthan with an annual production capacity of two million units.

In order to build a holistic EV ecosystem, Hero Electric is inking partnerships to strengthen financing, charging infrastructure, and service networks. The company has set a target to train/re-skill over 25,000 mechanics under its PGO Initiativ, aiding in an overall enhanced EV-owning experience. To address the needs of range anxiety, it has also set a target of installing up to 20,000 charging stations by the end of this year.

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