Hero MotoCorp plans to increase its market share in the electric two-wheeler segment by introducing more reasonably priced models
This fiscal year, the company plans to introduce new items in the mid- and cheap categories. After accounting for state subsidies, Hero Motocorp’s VIDA electric scooter line currently retails for between Rs. 1 and Rs. 1.5 lakh.
Auto | Updated:23:07:2024 |12:10 PM | Edited by:Newsbudy|
CEO Niranjan Gupta said Hero MotoCorp plans to launch more cheap models in the current fiscal year, accelerating the company’s entry into the electric two-wheeler industry. The company intends to extend its reach and want to get the international market in addition to leading the two-wheeler industry in India too.
In Hero Motocorp’s annual report for 2023–2024, Niranjan Gupta gave a speech to the shareholders, detailing the company’s aggressive expansion plan for its electric vehicle (EV) division. He stated, “We want to establish leadership in EV product, and to do that, we will be enhancing the current VIDA V1 pro with a very potent EV product portfolio.”
This fiscal year, the company plans to introduce new items in the mid-and cheap market. After accounting for state subsidies, the current Hero Motorcrops VIDA electric scooter range is between INR 1 and 1.5 lakh.
Executive chairman Pawan Munja acknowledged its achievements in working with Ather Energy to build a strong public charging infrastructure. “Together with Ather Energy, VIDA has established India’s largest public charging infrastructure for two Wheeler EV’s,” said Munja.
In a bid to expand the market, Munja also mentions collaborating with Zero Motorcycle to create new EV motorcycles targeted at particular clientele. “I am Extremely pleased to witness VIDA v1 rise as one of the leading electric scooter in India, and I anticipate its future launch in global markets, Where it is poised to become a significant player as well” He stated.
Hero Motocorp has now increased the number of cities in which its EV scooter VIDA is available from three to over than 100 cities. To create a winning product portfolio across all segments, Gupta highlighted continuous innovation at their R&D facilities in Jaipur and Tech center Germany.
The company also plans to grow its international, accessory, and merchandising businesses in addition to launching additional premium items. Hero Motorcorp is on track to expand its global presence, with an eye on the top ten markets worldwide, according to Gupta, with the company’s strong local presence.
“Also we are looking upon opportunity to grow our accessories and merchandise business,” said Gupta.
Gupta reviewed the company’s recent introductions of high-end models in relation to premium items and pledged further releases in the years to come.
“Our premium portfolio across ICE and EV will grow exponentially, with a line-up that is committed to innovation,” Gupta stated.
With 116 million consumers, more than 7,500 distributors locations, a supply chain capacity of 10 million units, a presence in around 50 international markets, and more than 25,000 employees, Hero Motocorp enjoys considerable scale benefits. “The secret to success in whatever we do is to make the most of this scale. We are embracing the scale mantra in all of our decision-making, and our approach is to align our strength with products that have the potential to scale up more quickly,” Gupta stated.