Hero MotoCorp Game-Changer Affordable EV Launching This Fiscal Year

Hero MotoCorp, the leading two-wheeler manufacturer in India, is set to launch more affordable electric vehicles this fiscal year. The company’s VIDA electric scooter range, priced between Rs 1-1.5 lakh (including state subsidies), is just the beginning of their ambitious plans. CEO Niranjan Gupta has revealed that Hero MotoCorp aims to dominate the electric two-wheeler segment with a strong portfolio of new, budget-friendly models.

Hero MotoCorp Game-Changer Affordable EV

Expanding Horizons: Domestic and International Markets

In the company’s Annual Report for 2023-24, Gupta expressed optimism about introducing Hero’s electric range to international markets. He emphasized the company’s strategic roadmap for rapid growth in the electric vehicle sector.

“We want to build leadership in EV, and to achieve that, we will be creating a very powerful EV product portfolio, augmenting the VIDA V1 Pro that we have today,” Gupta said. This fiscal year, Hero MotoCorp plans to launch products in both the mid-range and affordable segments.

Public Charging Infrastructure and Partnerships

Hero MotoCorp’s Executive Chairman, Pawan Munjal, highlighted the company’s achievements, including establishing India’s largest public-charging infrastructure for two-wheeler EVs in collaboration with Ather Energy. Additionally, the partnership with Zero Motorcycle aims to develop new electric motorcycles for a distinct customer segment, expanding the market.

“I am particularly pleased to witness VIDA V1’s rise as one of the leading electric scooters in India, and I anticipate its future launch in global markets, where it is poised to become a significant player as well,” Munjal remarked. Hero MotoCorp has expanded the VIDA electric scooter’s presence from three to over 100 cities.

Innovation and Development, Hero MotoCorp Game-Changer Affordable EV

Gupta informed shareholders about the groundbreaking innovations underway at the company’s R&D Centres in CIT Jaipur and Tech Centre Germany. These efforts aim to create a winning portfolio across all segments.

The company is also focusing on premium products, scaling up its international business, and expanding its accessories and merchandise lines. Gupta noted the company’s significant scale in the domestic market and its journey to scale up its global business, targeting the top ten markets.

“Additionally, we are tapping into opportunities to scale up our accessories and merchandise business,” Gupta stated.

Premium Products and Market Strategy

Last year, Hero MotoCorp launched a series of premium products, enhancing its portfolio. Gupta emphasized the company’s focus on speed, scale, synergy, and simplification. “Our premium portfolio across ICE and EV will grow exponentially, with a lineup committed to innovation,” he said. The company’s vast scale, with a customer base of 116 million, over 7,500 distribution points, a supply chain capacity of 10 million units, presence in around 50 global markets, and a workforce of more than 25,000 employees, provides a significant advantage.

“Leveraging this scale is key to success in everything that we do. We are adopting this scale mantra in every decision we make; our strategy is to put our might behind products and projects that can be scaled up faster,” Gupta explained.

Hero MotoCorp has accelerated product development and upgraded its sales network. Gupta stressed the importance of embracing speed to navigate rapidly changing global and consumer trends. “We are now focusing on further reducing the time our products take to roll out and enhancing speed by decentralizing decision-making to the point where the actions reside,” he concluded.

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