Hero Electric sees 100% jump in festive sales as EVs continue to gain ground1 min read . Updated: 24 Nov 2021, 12:53 PM IST
Hero Electric credits a number of factors, from rising fuel prices to growing awareness, for its sales performance this festve.
Hero Electric, the country's largest electric two-wheeler company, on Wednesday reported it had sold 24,000 units between October 1 and November 15 of this year, a 100% jump from figures in the same period in 2020 when the company had sold 11,399 units. While several factors may be bolstering sales like emergence from Covid-19 pandemic, rising fuel prices and revival of the economy, a rising preference for electric two-wheelers here is undeniable.
While the electric car segment remains in its nascent stage, India's surge towards electric mobility is being paved by battery-powered two-wheelers and Hero Electric has been playing a big role. Sohinder Gill, CEO at Hero Electric pointed to two factors observed during the recent festive period. “A significant percentage of customers chose Hero E bikes over the Petrol bikes and many factored environment and sustainability as influencing factors in their purchase," he said, adding that offers announced by the company also helped.
From hereon, Hero Electric says it has plans of reaching one million customers ‘in the near future' even as it continues to help expand charging infrastructure as well.
While Hero Electric may be playing big, there are several new entrants into the space with electric two-wheeler segment providing a level-playing field against the established giants. While Okinawa, Ola Electric and Ather Energy are some of the other formidable players, even smaller and newer participants have been reporting notable gains.
Experts mostly agree that if fuel prices remain at record levels and with growing awareness levels, the growth in the electric two-wheeler space is only going to strengthen, especially with more options being launched with passing time.