Hero MotorCorp ready to enter EV segment next month, to launch model soon
Hero MotoCorp is all set to enter the electric vehicle segment in October and is planning to launch its first electric two-wheeler for the Indian market soon. Hero MotoCorp said in a regulatory filing that it is about to begin its electrification journey under the brand Vida on October 7. According to a PTI report, sources shared that the two-wheeler manufacturer may launch its first EV product in an event it is going to organise on the mentioned date in Jaipur.
Sources also added that the company has developed the product at its Jaipur-based R&D centre, the Centre of Innovation and Technology and will utilise its Chittor-based manufacturing facility in Andhra Pradesh to roll out the product. In March this year, Hero MotoCorp announced that it has lined up around ₹760 crore fund for upcoming electric vehicles and also nurture over 10,000 entrepreneurs in environmental, social and governance solutions.
Hero MotoCorp's electric arm Vida which will note the first EV product from the two-wheeler producer will also be part of the company's 10th-anniversary celebrations. In a previous report, the reason for the delay to introduce the electric vehicle was shared by the Executive Director at Hero MotoCorp, Vikram Kasbekar. “The ongoing geopolitical situation has resulted in enormous supply chain issues and shortage of various components, including semiconductors," Kasbekar had added.
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The new electric two-wheeler from Hero MotoCorp will compete against the likes of TVS iQube, Bajaj Chetak, Ola S1 among others. It is being guessed that the company will price the EV accordingly to put up with the other brands. Earlier it has been reported that the bike maker has also signed an agreement with a Taiwanese company Gogoro for battery swapping technology.