Hero MotoCorp plans affordable EVs and global expansion for FY24

22 Jul 2024 , 09:22 AM

Hero MotoCorp is preparing to launch affordable electric two-wheeler models within the current fiscal year, with a focus on leading the electric vehicle (EV) market. The company’s CEO, Niranjan Gupta, outlined plans to enhance the existing VIDA V1 Pro and expand the EV portfolio.

The VIDA electric scooter range is priced between ₹1 lakh and ₹1.5 lakh, including state subsidies, targeting a broader customer base.

Hero MotoCorp, in partnership with Ather Energy, has established India’s largest public-charging infrastructure for two-wheeler EVs, aiming to support increased adoption of electric scooters.

The company plans to introduce the VIDA electric scooter to international markets, building on its success in India, as noted by Executive Chairman Pawan Munjal.

A collaboration with Zero Motorcycle will enable the development of new EV motorcycles, catering to various customer segments and expanding market reach.

At the time of writing on July 22, 2024 at 9:19 am, shares of Hero MotoCorp is  currently trading at ₹5396 which is a 0.58% dip than the previous close. Hero MotoCorp stock has gained a total of 72% in the last one year, and witnessed a 31% gain since the beginning of the year.

The VIDA electric scooter’s presence has grown from three cities to over 100 cities in India, with ongoing innovation at Hero MotoCorp’s R&D centers in CIT Jaipur and Tech Centre Germany.

Hero MotoCorp is also focusing on expanding its premium product range and scaling up global operations, alongside growing its accessories and merchandise business.

The company’s significant scale includes a customer base of 116 million, over 7,500 distribution points, and a supply chain capacity of 10 million units. It operates in around 50 global markets and employs more than 25,000 people.

Gupta emphasized the need for speed and efficiency in product development and market responsiveness, adopting decentralized decision-making to accelerate product launches and adapt to evolving consumer trends.

Headquartered in Delhi, Hero MotoCorp is a major player in the motorcycle and scooter industry, holding a 46% market share in India and a market capitalization of ₹101,500 Crore (US$12 billion) as of May 2024.