Hero MotoCorp planning to introduce cheaper electric two-wheelers

21 May 2024 , 11:33 AM

According to a senior executive, Hero MotoCorp plans to increase its footprint in the electric two-wheeler category by introducing additional models below its existing range to cater to a broader set of customers. The country’s top two-wheeler manufacturer now manufactures two electric scooters under the Vida brand, which cost between ₹1 Lakh and ₹1.5 Lakh.

We are expanding our portfolio in the first half of this year (current fiscal) into the mid and mass segments as well, Hero MotoCorp Chief Business Officer – Emerging Mobility BU Swadesh Srivastava stated.

With new product launches this fiscal year, the company will be able to compete in all three segments: premium, mid, and mass, he said.

“With this, we anticipate significant growth this year. We are also seeking to improve our cost structures,” he further added.

He stated that the company’s EV section will increase significantly this year and next. We are looking at steep growth this year and next year, based on the portfolio and the geographical expansion, added Srivastava.

Hero MotoCorp has increased the VIDA brand’s presence in over 120 cities and 180 touchpoints across the country.

It has also partnered with Ather Energy to create an interoperable charging network that would provide its consumers with over 2,000 charge outlets spread over 200 cities.

VIDA is also slated to make its debut in the European and UK markets in FY25, boosting its global reach.

At around 11.28 AM, Hero MotoCorp was trading 0.72% lower at ₹5,073 per share, against the previous close of ₹5,109.85 on NSE. The counter rose to an intraday high of ₹5,122.80 in today’s session.

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