- Hero MotoCorp’s CEO Niranjan Gupta said the two-wheeler giant is looking forward to rolling out affordable electric scooters in FY25.
Despite holding the leadership position in the internal combustion engine-powered Indian two-wheeler market for years, Hero MotoCorp has been sluggish in its approach to the electric vehicle segment. However, with the Vida V1 Pro already on sale, the company now aims to expand its EV portfolio in India. Eyeing leadership in the electric two-wheeler segment, Hero MotoCorp is looking to roll out affordable models in FY25, said the company’s CEO Niranjan Gupta.
PTI has quoted Giupta saying that the company aims to build leadership in the EV segment and in order to do that Hero MotoCorp will create a very powerful electric vehicle product portfolio, augmenting the Vida V1 Pro that the company currently sells. “We want to build leadership in EV, and in order to do that, we will be creating a very powerful EV product portfolio, augmenting the Vida V1 Pro that we have today,” he reportedly said. Gupta also said that the company will be launching products in the mid- and affordable segments this fiscal.
Gupta also reportedly said to the automaker’s shareholders in the company’s annual report for 2023-24 that the two-wheeler major has a roadmap to scale its electric vehicle business rapidly. Besides focusing on the domestic electric two-wheeler market, Hero MotoCorp is also reportedly hopeful about debuting its electric scooter range in the international markets. Interestingly, these developments come after the automaker previously revealed that it aims to launch new electric scooters in the first half of FY25.
Hero MotoCorp created the Vida sub-brand a few years ago, which is dedicated to the electric vehicle segment. The Vida V1 electric scooter range is priced between ₹1-1.5 lakh (ex-showroom), including state subsidies. While several electric two-wheeler manufacturers like Ola Electric and Ather Energy have been introducing affordable products that come priced under ₹1 lakh, Vida too aims to capture a share in that segment, where demands are rising.
Electric motorcycles in target too
While the electric scooter market in India has grown significantly over the last few years thanks to the entry of several startups and legacy players, the electric motorcycle segment remains a niche category, where there are not many players present. Hero MotoCorp is aiming to tap the opportunity in this space.
Hero MotoCorp’s Executive Chairman Pawan Munjal said that the partnership with Zero Motorcycle will facilitate the development of new electric motorcycles targeted at a distinct customer segment, thereby expanding the overall market size. “I am particularly pleased to witness VIDA V1’s rise as one of the leading electric scooters in India, and I anticipate its future launch in global markets, where it is poised to become a significant player as well,” Munjal further said. Hero MotoCorp claims to have already expanded the presence of its EV scooter Vida from three to over 100 cities across India.
Focus on EV charging network
Besides focusing on bringing new and affordable electric scooters to the market, in an attempt to boost its EV effort, Hero MotoCorp is focusing on building public-charging infrastructure as well. Munjal said that together with Ather Energy, Vida has established India’s largest public-charging infrastructure for two-wheeler EVs.
First Published Date: 22 Jul 2024, 07:41 AM IST