Hero Electric will increase production capacity at the Ludhiana plant by March 2022 as the company sees increased demand for its range of electric two-wheelers.
Hero Electric has also worked to expand its presence in India
India’s largest electric two-wheeler manufacturer by volume, Hero Electric, has announced that it will increase production capacity at the Ludhiana plant due to growing demand. The company had previously announced plans to add production capacities of one million per year with a goal of manufacturing more than five million electric two-wheelers per year by 2026. lakh units by March 2022 and to a million each year.
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Speaking on the development, Naveen Munjal, MD, Hero Electric said, “The past few months have set the tone for the next few years. An extremely conducive environment given the new policies and subsidies which are contributing to increasing consumer awareness. It has also led to a tremendous change in the industry which has directly led to a growth in the demand for electric two-wheelers. manufacture over one million vehicles every year, year after year to meet growing demand. At Hero, we are extremely optimistic about the market and look forward to a new era of electric mobility.
To add to this, Sohinder Gill, CEO of Hero Electric, said: “At Hero, we have always believed that the growth of the industry will someday see a hockey stick curve and the numbers of the last few months are a clue. of what’s in store. We see huge visits to our dealerships and work overtime to avoid out-of-stock situations and long waiting lists. We believe the customer is now actively considering purchasing Hero e-bikes as a practical and viable alternative to gasoline-powered bikes due to attractive sticker pricing and “best-in-class” savings on total cost of ownership. We are therefore redefining our business plans to maintain the leadership position that we have occupied all these years.
Read also: Hero Electric raises ₹ 220 crore in growth capital, aims to sell 1 million units annually
Hero Electric claims to have experienced tremendous growth in the “City Speed” segment since the unlock period in June 2021. The company also reported increased sales during the months of July and August with steady growth in market share. . In addition, the manufacturer claims that the FAME II subsidy amendment and state policies on electric vehicles have helped drive down the prices of its offerings. The company’s current range starts at 53,600 (ex-showroom, post-grant).
Hero Electric has also strived to expand its presence in India with new experience centers and dealers. The company aims to introduce new exclusive showrooms in major cities in the coming months. In June of this year, the electric vehicle maker announced its Series B round to drive the expansion. The new investment would be used to increase production, presence as well as R&D efforts. Hero Electric has launched more than 15 electric two-wheelers over the past decade. The product range is aimed at both the private segment and the country’s B2B segment.
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