Hero Electric And Mahindra & Mahindra Announce Partnership To Co-Develop EVs
By Sameer Contractor
1 mins read
Published on January 19, 2022
- The partnership will see Mahindra manufacture Hero EVs at Pitampur
- Hero Electric will help electrify the Peugeot brand as well
- Hero Electric & Mahindra also plan to co-develop products in the future
Hero Electric has announced its new partnership with the Mahindra Group as part of the brand's expansion plans to cater to the growing EV requirements. The strategic partnership will see both industry leaders collaborate on multiple verticals as they further grow the electric ecosystem in the country. As part of the partnership, Hero Electric's e-scooters - Optima and NYX will be manufactured at Mahindra's Pitampur facility, which aims to address the growing demand for EVs. The company will continue to make electric two-wheelers at its Ludhiana-based facility, as it aims to be able to produce one million EVs per year by the end of 2022.
The big update though is that Hero Electric will help the Mahindra Group in electrifying the Peugeot Motocycles portfolio. This is expected to bring significant value to both parties through optimisation of costs, timelines, and shared knowledge in this dynamic, fast-growing global EV environment, the company said in a statement.
Speaking on the announcement, Naveen Munjal, MD - Hero Electric said, "Hero Electric has been leading the Electric two-wheeler sector in the country. To further deepen its roots and strengthen its leadership, Hero Electric has announced a partnership with the Mahindra Group, which is leading the EV transition in the electric three and four-wheelers space. This coming together of two industry leaders is to further enhance the manufacturing capabilities to meet demand and utilize Mahindra Group's robust supply chain to reach newer centres in the country. The long-term partnership will also see both the companies make the most out of each other's deep knowledge of EVs and drive new product development in the next few years. We look forward to creating more synergies with them in the near future."
Speaking about the partnership, Rajesh Jejurikar, Executive Director, Auto & Farm Sectors, Mahindra & Mahindra Ltd., said, "Peugeot Motocycles has ambitious plans in the EV mobility space in several regions of the world and particularly in Europe. This strategic partnership will bolster these efforts through joint development and a platform sharing approach leveraging the combined strengths of the two businesses. Our R&D Centre in India will be integral to this arrangement as will the manufacturing facility at Pitampur, which already supplies Peugeot with EV products. I see significant value creation on a mutually beneficial basis and look forward to this partnership delivering on its obvious promise."
Both Hero Electric and the Mahindra Group aim to create a channel of communication and knowledge among the R&D teams of the respective companies. The partnership will spawn future products that will cater to not only the domestic market but global requirements as well. Furthermore, the company said that the partnership will go on to set benchmarks for faster adoption in the industry.
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