Hero Electric To Invest Rs. 700 Crore In Electric Two-Wheeler Development

Hero Electric is betting big on the electric two-wheeler industry going through a massive change in the next couple of years. Unveiling three new electric two-wheelers in New Delhi, Hero Electric MD Naveen Munjal told Carandbike that the company has an ongoing development program in the e-scooter segment to produce and launch several models in the next few years. With this in mind, the company has earmarked Rs. 700 crore to develop its product line-up and assembly set-up in India to service a growing customer base across the country.

"In India, the focus will be on electric scooters, and we have a five-year window in mind, since it's a rapidly evolving industry. We have earmarked about Rs. 700 crore to design and develop electric scooters and electric bicycles in India in the next few years," said Munjal.

"The focus currently will be on the development of electric scooters for the domestic market. But we also have plans to introduce electric motorcycles in the future. There are a few design ideas we have in the electric motorcycle segment, but right now, we will focus only on electric scooters," Munjal added.

Also Read: Hero Electric Unveils Two New E-Bicycles And E-Scooter

Hero Electric currently is the market leader in the electric two-wheeler industry and has over 200,000 customers with more than 350 dealerships across the country. Hero Electric has unveiled three upcoming electric two-wheelers in New Delhi today, including two electric bicycles and an electric scooter which will have a top speed of around 85 kmph. The new electric scooter will be launched sometime later this year. The company says the design of the scooter and components are done in-house but batteries and the motor are developed by Hero Electric's partners in Taiwan and China.