Hero MotoCorp to accelerate its electric pace, plans range of EVs by 2025

Hero MotoCorp is eyeing the pole position in the Indian electric two-wheeler market, just like it has grabbed the top position in the ICE segment for
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The Hero Vida V1 was launched in India at a starting price of ₹1.45 lakh (ex-showroom).
The Hero Vida V1 was launched in India at a starting price of ₹1.45 lakh (ex-showroom).

India's largest two-wheeler manufacturer Hero MotoCorp has set its target high to grab a sizeable chunk of the country's electric two-wheeler market. The homegrown two-wheeler giant aims to expedite its electric vehicle strategy and plans to launch a range of EVs in the next 18-20 months to expand its product portfolio and cater to different segments of the electric two-wheeler category, reports LiveMint.

The report has quoted Swadesh Srivastava, head of the Emerging Mobility Business Unit of the company, saying that Hero MotoCorp aims to bring more affordable and mainstream products into the Indian electric two-wheeler market. The two-wheeler manufacturer has already started delivering its first electric scooter Vida to customers in December in three cities across India. The company claims to have delivered more than 250 scooters so far.

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Hero MotoCorp claims that its focus is currently on expanding the Vida EVs' footprint to more cities across India. The company plans for multiple city rollouts in the next few quarters. The Vida electric scooters are currently available in Delhi, Bengaluru and Jaipur. Hero also claims that it has a large order book for the Vida electric scooters.

Hero MotoCorp also revealed that in an attempt to boost its EV business, the company is reinvesting its profits from the internal combustion engine business into building electric vehicles. Hero Electric's chief financial officer Niranjan Gupta said that the EV scooters have started to continue to increase the company's overall revenue, and it will gradually grow.

Hero MotoCorp is the latest legacy player that jumped on the electric scooter bandwagon. It launched the Vida V1 Pro and Vida V1 Plus in October 2022 at 1.59 lakh and 1.45 lakh, respectively. They come as pretty expensive electric scooters in a market which is currently dominated by a host of EV startups. The Vida V1 scooters come competing with rivals like Ola S1, Bajaj Chetak, TVS iQube etc.

First Published Date: 09 Feb 2023, 08:24 AM IST
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