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K. Giriprakash

Bangalore, May 27

Hero Electric is working on hybrid technology for vehicles which could lead the company to eventually manufacture the country’s first hybrid passenger cars.

“As of now, we are working on developing hybrid technology for vehicles. Once we are able to develop the technology it could see us using it for making passenger cars or even commercial vehicles,” Hero Electric Managing Director, Mr Naveen Munjal told Business Line.

But this project may take some time as manufacturing of hybrid cars was not immediately on the agenda as the company’s research and development team was still working on the technology.

Mr Munjal said Hero Electric, which was a 100 per cent subsidiary of Hero Exports, would soon come out of its fold and become an independent company under the Hero Group. “As Hero Electric has been performing well, the management decided to have its own independent entity.” He said once this development happens, the company would look at raising funds through the debt route. He added that the company would be open to talks with those who might want to tie up with Hero Electric for a joint venture.

Mr Munjal said he expects the electric vehicle market to expand rapidly because of rising fuel prices. The market size of electric two-wheelers in India was around 70,000 units in 2007, and during the current year, it had increased to 1.6 lakh units.

Hero Electric itself can produce 440 units a day across two shifts and plans to sell about 70,000 units this calendar year. In 2007, it sold about 21,000 units of its two models which cost between Rs 29,000 and Rs 31,000.

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