Hero MotoCorp To Invest $60 Million In US-Based Zero Motorcycles
- Hero is finalising a collaboration agreement with Zero Motorcycles
- Zero Motorcycles is known for its range of premium electric motorcycles
- The collaboration with Hero will help Zero get access to new markets
Hero MotoCorp, India’s largest two-wheeler manufacturer, and the world’s largest manufacturer of motorcycles and scooters by volume, has announced a collaboration agreement with US-based electric motorcycle manufacturer Zero Motorcycles. According to a statement from Hero MotoCorp, the company is finalising a collaboration agreement with Zero Motorcycles, and will focus on co-developing electric motorcycles.
Hero MotoCorp is India's largest two-wheeler manufacturer, and the collaboration with Zero Motorcycles is expected to be mutually beneficial. It will give Hero access to electric motorcycle development capability, and provide Zero with Hero's global network and reach.
According to the statement, Hero MotoCorp’s board has also approved an equity investment of up to $60 million in California-based premium electric manufacturer Zero Motorcycles. The move is a significant one, considering Zero Motorcycles is considered one of the leading manufacturers of premium electric motorcycles and currently has the world’s largest range of electric motorcycles. The investment from Hero MotoCorp in Zero Motorcycles is the latest round of a new $107 million round of financing at the US-based electric motorcycle company. In addition to Hero MotoCorp, the latest round of financing included participation from Polaris, Exor and financial investors including long-time backer Invus and other undisclosed investors.
Also Read: Hero MotoCorp Announces New EV Brand ‘Vida’
Zero Motorcycles' latest product is the Zero DSR-X electric adventure bike, unveiled a few weeks ago.
Among its product range, Zero Motorcycles offers electric off-road bikes, electric adventure bikes, electric street bikes, supermoto and dual-sport bikes. Zero Motorcycles was founded in 2006 by Neal Saki, a former NASA engineer in Santa Cruz, California. The company is now located in Scotts Valley, California and has sold over 20,000 electric vehicles, according to company CEO Sam Paschel.
The Zero SR-F is a neo-retro styled electric street scrambler. Zero also has several electric dual-sport and electric off-road models in its range.
“This financing will fund the global scaling of our operations and sales and development of additional new models to continue driving our rapid growth. We welcome our strategic partners and new investors to our syndicate and are grateful to Invus for their steadfast support and commitment to Zero’s vision and mission,” said Sam Paschel, Chief Executive Officer, Zero Motorcycles.
Zero Motorcycles is known for its range of high-quality premium electric motorcycles, which includes the Zero SR electric street bike pictured above.
Hero MotoCorp’s investment and collaboration with Zero Motorcycles will give both brands significant advantage. The move will help Hero MotoCorp establish a high-quality future electric motorcycle product range with Zero Motorcycles to be sold in India and other markets, and in turn help Zero Motorcycles leverage Hero’s global network to reach new markets.
Hero MotoCorp is getting ready to unveil its first electric scooter under the ‘Vida’ brand name on October 7, 2022
The latest announcement comes after Hero MotoCorp announced an investment of more than $56 million in Ather Energy, one of India’s leading premium electric two-wheeler manufacturers. A few weeks ago, Hero announced a partnership with Hindustan Petroleum Corporation to set up EV charging infrastructure across the country. Hero MotoCorp is also getting ready to launch its first electric scooter on October 7, 2022, under its new emerging mobility brand, Vida, Powered By Hero. Hero MotoCorp already has an existing partnership with Taiwan’s Gogoro, to introduce a battery-swapping network in India, and collaborate on electric vehicle development. It will be interesting to see how the collaboration with Zero Motorcycles goes on to evolve in the next few years.