Hero MotoCorp to inject ~Rs 1500 crore in EV business

9 Jun 2023 , 09:55 AM

Hero MotoCorp, a dominant player in the Indian market known for its conventional internal combustion engine motorcycles, is now aiming to compete against Ola Electric, TVS Motor Company, and Ampere in the rapidly growing electric two-wheeler segment. The company is looking to challenge the market share of these electric vehicle manufacturers in India.

The company has ramped up the production and sales of Vida V1. Originally planned for distribution in 10 cities, they now aim to extend its availability to 100 cities by the end of the current financial year. Additionally, they are developing two more electric scooter models targeting the mass market segment, with the goal of increasing sales volume within the next 18 months.

Hero MotoCorp intends to allocate an annual capital expenditure budget of Rs 1,000 to Rs 1,500 crore, with a significant portion dedicated to establishing a strong presence in the electric vehicle (EV) sector and enhancing its market share in the premium segment. 

Hero MotoCorp intends to upgrade approximately 30%-40% of its existing network of around 1,000 primary dealers to focus on retailing electric vehicles (EVs) and premium products.

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