Hero MotoCorp, the top two-wheeler maker in India, plans to release affordable electric vehicles (EVs) this fiscal year. CEO Niranjan Gupta shared this news in the company’s Annual Report for 2023-24, stating that the company aims to lead the electric two-wheeler market.
Plan to Grow Electric Vehicles
Gupta explained that Hero MotoCorp has a detailed plan to quickly grow its electric vehicle business. The company will create a strong EV product lineup, adding to its current VIDA V1 Pro electric scooter. New models in the mid and affordable segments will be launched this fiscal year.
The VIDA electric scooter is currently priced between Rs 1-1.5 lakh, including state subsidies. Executive Chairman Pawan Munjal mentioned that Hero MotoCorp, along with Ather Energy, has built India’s largest public-charging network for two-wheeler EVs. Additionally, their partnership with Zero Motorcycle will help develop new EV motorcycles for different customer segments.
VIDA V1
Munjal is pleased with the success of the VIDA V1 scooter in India and looks forward to its launch in international markets. Hero MotoCorp has already expanded its VIDA EV scooter to over 100 cities.
Gupta also highlighted the company’s innovative work at their R&D centers in Jaipur and Germany, aiming to create a strong product lineup across all segments. Hero MotoCorp plans to introduce more premium products and expand its international, accessories, and merchandise businesses.
Global Business
The company is focusing on growing its global business and targeting the top ten markets. They are also exploring opportunities to expand their accessories and merchandise business. Last year, Hero MotoCorp launched several premium products and plans to continue this trend in the coming years.
With a vast customer base, extensive distribution network, and significant supply chain capacity, Hero MotoCorp leverages its scale for success. Gupta emphasized the importance of speed in product development and decision-making to stay ahead of changing global and consumer trends.
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