Hero, Yamaha Motor JV to start production of electric drive units from November
HYM Drive Systems, a joint venture between Hero Motors and Yamaha Motor Co Japan, on Monday said it expects to start production of electric drive units at its facility in Ludhiana from November this year.
The ground-breaking ceremony for the manufacturing facility with a capacity of 10 lakh drive units in phases, was held last week, the company said in a statement.
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"This manufacturing facility is a part of our joint strategy with Yamaha to localise electric drive units in India to cater to domestic as well as global e-cycle markets," Hero Motors Company (HMC) group Chairman and Managing Director Pankaj Munjal said in a statement.
Hero Motors and Yamaha Motor had entered into an agreement in October 2021, to create a global electric drive unit company at Hero 'E-Cycle Valley' in Ludhiana as part of their strategic alliance forged in September 2019, to work together in the e-cycle product segment.
The electric drive unit could be used in the Hero and Yamaha branded e-cycles and sold to the global market through Hero and Yamaha's OEM network, the company said.
Munjal further said, "this joint venture is a major component of our ambition to be the first fully integrated player globally in the e-cycles segment and adds strength to our initiatives like setting up of a world-class industrial park in the E-Cycle Valley, Punjab."
At present, Hero's E-Cycle Valley, spread over 100-acre manufactures cycles and e-cycles for global cycle Original Equipment Manufacturers (OEMs), the company said, adding it would start manufacturing cycle components like alloy rim, aluminum frames and handlebars.