Hero Motors may launch EV scooters at less than Rs 1 lakh price

23 May 2024 , 11:54 AM

Hero MotoCorp is planning to expand its electric two-wheeler segment by introducing new models below its current range to attract a wider customer base, according to a senior company official. Currently, the company sells two electric scooters under its Vida range, priced between ₹1 lakh and ₹1.5 lakh.

Chief Business Officer Emerging Mobility BU, Swadesh Srivastava, mentioned in an analyst call that the company will expand its portfolio in the first half of this fiscal year to include mid and mass segments.

With the introduction of new products, Hero MotoCorp will be able to compete in premium, mid, and mass segments, aiming for significant growth within the year and an improvement in cost structures.

Srivastava stated that the company expects substantial growth in the EV segment this year and the next, driven by portfolio expansion and geographical reach.

The VIDA brand has expanded to more than 120 cities and over 180 touch-points across the country. Hero MotoCorp has partnered with Ather Energy to provide an interoperable charging network, offering over 2,000 charging points across 200 cities. VIDA is expected to debut in European and UK markets in FY25 to strengthen its global presence.

CEO Niranjan Gupta confirmed that the company’s capex guidance for the current fiscal remains between ₹1,000 Crore and ₹1,500 Crore. Gupta mentioned upcoming product launches, including the Xoom 125 and Xoom 160 scooters, with more entries into the premium segment expected in the first half of the fiscal year.

Gupta confidently stated that the company is poised for accelerated growth in FY25 and beyond.

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