Hero MotoCorp to Enter Europe in 2015; 'Leap' Scooter to Be 1st Product
Hero MotoCorp Ltd (HMCL), the world's largest two-wheeler maker, is set to enter the European market by the end of 2015. This announcement came at 'the biggest event in the world dedicated to two-wheelers', organised by EICMA at Milan, Italy, yesterday. Just so you know, EICMA is the marketing body of Italy's National Association of Bicycles, Motorcycles and Accessories (ANCMA).
The company is planning to launch its products in Italy, Spain and France in the first phase, followed by the UK and Germany in the next phase of expansion. The first product to be rolled out in these markets will be the serial-hybrid scooter - the Leap. Later on, it will launch other scooters and motorcycles from its portfolio.
"Today, one out of every 10 bikes sold globally is a Hero bike and every second two-wheeler sold in India is from Hero. This places us in a unique position to expand our business into new markets across continents. Having already stamped our presence in Asia, Africa, Latin & Central America, we are now looking at stepping into the European market by the end of 2015 with our hybrid scooter Leap making its debut here. While we are looking for potential partners, we are also open to M&A opportunities to be able to make quick inroads in these markets. This is in line with our vision of making Hero a truly Global Brand in its range of quality products, scale of operations and geographical footprint.", said Pawan Munjal, Vice Chairman, Chief Executive Officer & Managing Director - Hero MotoCorp Ltd.
Recently, Hero MotoCorp announced an investment of US$ 800 million in building capacity across the globe in the next few years. The company is already present in over 20 countries across Central & South America, East & West Africa and Asia.
In Italy, the Indian two-wheeler giant has strategic alliances with two Bologna based companies - Engines Engineering and Magneti Marelli. While Engines Engineering is the company's technology partner, Hero MotoCorp has formed a joint-venture with Magneti Marelli in India for developing fuel injection technologies.
Hero MotoCorp is setting up two overseas manufacturing plants in Colombia and Bangladesh that are expected to start functioning in 2015 -16. In partnership with its local distributors, Hero MotoCorp has also set up assembly units in Kenya, Tanzania and Uganda.
To expand its reach in other global markets, Hero will also enter the US and Brazilian market by 2016. By 2020, the company aims to be in over 50 countries with 20+ assembly facilities globally.
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