Companies

Hero Electric eyes double-digit growth

V Sajeev Kumar Kochi | Updated on August 27, 2019 Published on August 27, 2019

Buoyed by the growth in electric two-wheeler sales in the country, Hero Electric is looking at a double-digit growth in 2019 as it did last year.

“There is a positive trend in the market for electric two-wheelers and three-wheelers and the industry will expand further, thanks to the government subsidies and entry of new players,” said Manu Kumar, Head (Marketing), Hero Electric.

Of the 1.25 lakh electric two-wheelers sold in India last year, Hero Electric has garnered a market share of more than 50 per cent. There is a clear shift towards electric two-wheelers, considering its cost advantage and other eco-friendly aspects, he said on the sidelines of the launch of two new models – Optima ER and Nyx ER – in the Kerala market.

The company has also announced an Onam discount of ₹2,500 on all models.

He pointed out that Hero Electric plans to take the 615 touchpoints at present to 1,000 by the end of 2020 and make the brand accessible even in the most interior parts of the country. The company will invest around ₹700 crore in the next three years to ramp up production capacity to five lakh units annually.

As the largest maker of electric vehicles in India, Hero Electric is in sync with the government’s vision to promote and foster the adoption of electric mobility in India, he said.

With the launch of Nyx ER, the company has plans to introduce heavy duty products catering to the requirements of the B2B sector.

Published on August 27, 2019
This article is closed for comments.
Please Email the Editor