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Hero Electric, on Wednesday, said it is expected to close FY23 with around 1 lakh sales and the aim is to sell between 1.70 lakh and 2.20 lakh units in FY24.
Speaking to businessline on the sidelines of new launches here, Naveen Munjal, Managing Director, Hero Electric said that the company is also waiting for the Rajasthan government to provide the land for Hero’s new manufacturing plant that will help the company to reach up to 10-lakh units production per annum in the next three years, where it is investing around ₹1,200 crore.
Naveen Munjal of Hero Electric on FY23 sales figures and FY24 outlook
Also read: Hero MotoCorp to collaborate with US-based Zero Motorcycles on premium electric bikes
“This (Tapukara, Rajasthan) was a farmland, so the infrastructure has to come first, and as soon as the infrastructure is ready, we will take around 18 months to set up our plant. It is a long-term plan for us. The Rajasthan plant will have a total capacity of 20 lakh units at its peak,” he said.
The company is also setting up a new plant in Ludhiana and spending ₹120 crore there. Hero Electric also is manufacturing electric scooters through its strategic partnership with the Mahindra Group, for a shared facility in Pithampur, Madhya Pradesh, he said.
Also read: Retail EV sales grew 84 per cent y-o-y to 65,702 units in February
Asked about network expansion, Munjal said, “We have 850 dealers right now, which will go up to 1,500 in next two years, 10,000 trained roadside mechanics, which will be ramped up to 25,000, and 5,000 charging infrastructure that will go up 40,000 in the next two years.”
The company launched three new products – the all-new Optima CX5.0 (Dual Battery), Optima CX2.0 (Single Battery), and NYX (Dual Battery) – priced between ₹85,000 and ₹1,30,000.
Also read: TN Govt unveils new EV policy with 4-pronged objectives
“The extensive feedback from our six-lakh bikes over 15 years has helped us design our new range of power trains that converts almost every drop of battery power into useful km. Going by the popularity of the looks of our bikes, we have largely retained the outer designs and worked upon the bones and muscles to offer the new avatars of our five lovable platforms,” Sohinder Gill, CEO, Hero Electric, said.
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