Hero Electric has achieved a milestone by selling over 1 lakh units for the second consecutive year in FY2023, with a turnover of Rs. 1,000 crores - which is a 20 per cent increase from the previous year. This can be attributed to the company's reworked and focused portfolio of five variants (Photon, Optima, NYX, Eddy, and Atria), which caters to different audiences. Additionally, Hero Electric has recently introduced three new products, namely the Optima CX5.0 (Dual Battery), Optima CX2.0 (Single Battery), and NYX (Dual Battery), equipped with advanced features like an optimised powertrain and enhanced safety.
Commenting on the feat, Sohinder Gill, CEO of Hero Electric, said, "We are thrilled to have crossed Rs.1000 Cr turnover with a 20 per cent increase over the previous year. This achievement is a result of our continued efforts to provide sustainable and affordable mobility solutions. It further fortifies the trust that our customers have placed in us and our products. At Hero Electric, we are committed to providing the best-in-class electric mobility solutions that are not only environment-friendly but also convenient and affordable. The 3 new models that we launched are in line with our philosophy to offer the most meaningful mobility solutions to a value-conscious customer. We will continue to innovate and bring new products to the market that meet the evolving needs of our customers and reduce carbon emissions."
With the government's increasing efforts to promote electric vehicles and rising demand for clean mobility solutions, Hero Electric aims to emerge as a leader in the industry. The company's upcoming production plant in Ludhiana, in collaboration with the Mahindra group, is expected to increase its total production capacity to half a million units per annum, and it plans to further expand it to 2 million units per annum with a production plant in Rajasthan.
Hero Electric is committed to building an integrated EV ecosystem in the country and has trained over 25,000 mechanics under its PGO program to enhance the overall electric vehicle ownership experience. To address range anxiety, the company has also set an ambitious goal of installing up to 20,000 charging stations by the end of this year. Furthermore, Hero Electric is also forging strategic partnerships to support its financing and service networks and resolve the issue of scarce charging stations, further strengthening its position in the Indian EV market.
