Hero to launch new hi-end export oriented unit to manufacture electric cycles

Hero Motors Company is all set to inaugurate its new hi-end export-oriented manufacturing plant at the Hero E Cycle Valley at Dhanansu on the outskirts of Ludhiana, Punjab later today. The unit will offer backend support to Hero's ambitious international plans.

By: HT Auto Desk
| Updated on: 13 Apr 2021, 08:59 AM
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Hero's upcoming export-oriented plant in Ludhiana is expected to manufacture more than 70 per cent of production for the global market. (HT_PRINT)
Hero's upcoming export-oriented plant in Ludhiana is expected to manufacture more than 70 per cent of production for the global market.

The upcoming E-Cycles Valley project is expected to add a capacity of 4 million bikes and e-bikes. It will mark the first phase of operationalisation of the Hero E Cycle Valley. The new manufacturing unit will increase the company's overall production capacity to 10 million units every year.

Pankaj M Munjal, Chairman and Managing Director at Hero Motor Company, said, "While Hero E Cycles factory augments our production capacity of premium bicycles and E Cycles for the global market, the Suppliers' Park at Hero E Cycle Valley will localise production of premium components to enable production of hi-end bikes in India."

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Earlier, Munjal had said, "E-bike sales are expected to reach an estimated 30 million in Europe by 2030 growing at a CAGR of 26 per cent between 2024 and 2030. With Europe as our key market, HMC has set its sights on capturing a greater pie of this fast-growing e-bike segment with a goal of touching a revenue of Euro 300 million by 2025."

The new export-oriented plant is expected to manufacture more than 70 per cent of production for the global market.It spans about 100 acres, with 50 acres marked for the Hero E Cycles factory, and the other 50 acres for dedicated suppliers' park. The cost of building the unit has been more than 1,000 crore and took about two years.

Hero plans to spend about 350 crore to make the E Cycle Valley operational with the vendors pulling in another 400 crore. Additionally, Hero Motors Company plans to invest another 300 crore over the next couple of years.

Hero Cycles, which is a part of the Hero Motor Company Group, has a manufacturing capacity of 6 million bicycles per year. It has a network of at least three plants across India, located in Ludhiana in Punjab, Ghaziabad in Uttar Pradesh, and Bihta in Bihar. The company also has a state of the art manufacturing facility in Sri Lanka as well as a Design Centre in the UK. It also owns UK-based Avocet Sports, Germany-based HNF, and Firefox Bikes in India.

First Published Date: 13 Apr 2021, 08:59 AM IST
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