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Hero Electric aims at  5 Million Units Capacity in Future

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Hero Electric aims at  5 Million Units Capacity in Future
12 Mar 2022
7 min read

News Synopsis

In a bid to capture a significant market share of the emerging Electric Vehicle Mobility industry, Hero Electric has come up with action plans to increase its manufacturing capacity to five million electric vehicles in one year. This is almost half of the petrol-powered two-wheelers made by Hero MotoCorp. To achieve this feat Hero Electric is planning to set up four factories with an investment of Rs. 1500 to 2000 crore. Naveen Munjal looks optimistic about the growth of the EV industry in India. He thinks that by the year 2025, 30% of the Indian two-wheeler market will shift to EV. He also said that the demand is much higher than the supply. He said: “We are losing business – we are not able to supply. We had stopped online ordering and even slowed down dealership expansion to fulfill pending orders. We will double volumes in FY22. We are aiming to triple sales to 300,000 units for the next financial year. We want to retain the leadership; we are confident of holding on to at least one-third of the market in the coming years. We have a wide product portfolio, which is getting further enhanced, years of understanding the consumer needs, and supporting the environment today.”

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