Hero Electric sees record sales of 7,000 units of city-speed models in November
Hero Electric on Wednesday informed it had sold 7,000 units of its city-speed electric two-wheelers in the Indian market in November. Attributing the numbers to a report by JMK Research and VAHAN dashboard, Hero Electric underlined the big jump from just 1,169 units it had sold in November of 2020.
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Hero Electric offers numerous city-speed as well as low-speed - models not requiring a registration plate, products in the Indian market. Crediting a number of policies from the government for the surge in demand for electric two wheelers, the company highlighted that the festive period last month also helped ramp up the numbers. “At Hero, we have been steering EV adoption in India and are witnessing stronger consumer confidence towards electric mobility solutions," said Sohinder Gill, CEO at Hero Electric. "The government initiatives and customer-friendly policies have continued to drive demand for the category, translating into positive sales momentum. Given the surge for EVs, we are working to meet the rising demand and are hopeful to end the year on a high note."
The company has already confirmed plans of expanding operations at its Ludhiana facility in order to cater to the rising demand. By March of 2022, Hero Electric wants to be prepared to roll out five lakh units per annum. With increased competition from the likes of Ather Energy, Okinawa Autotech, Ola Electric and a number of other key players, there is a need at Hero Electric to devise plans to maintain its leadership position.
But while the electric two-wheeler space is witnessing growth, the same isn't exactly true for the overall automotive space in the country. In a recent report by Federation of Automobile Dealers Association, it was noted that overall retail in the Indian automotive space in November fell around 2% last month, vis-a-vis November of 2021. In overall two-wheeler space, retail has been around the same as it was in November of last year but falling inquiries was cited as a source of concern.
Many, however, suggest that the path forward from current times of challenge is likely to be paved by players in the electric two-wheeler space.