Companies

Hero MotoCorp to invest ₹10,000 crore over next 5 to 7 years

S Ronendra Singh Jaipur | Updated on February 18, 2020 Published on February 18, 2020

Hero MotoCorp Chairman and Managing Director, Pawan Munjal, unveils the all-new Hero Xtreme 160R bike during Hero World 2020, in Jaipur, Tuesday, Feb. 18, 2020. - PTI

Pawan Munjal, Chairman and Managing Director, Hero MotoCorp

Funds will go into R&D, new product development, facility expansion, says Pawan Munjal

The country’s largest two-wheeler manufacturer, Hero MotoCorp, said here on Tuesday  it will invest ₹10,000 crore over the next five to seven years on research and development (R&D), new product development and expansion of facilities.

Announcing its ‘Vision 2020 — the Future of Mobility’, the company  said it also aims to be carbon neutral by 2030.

“Over the next five to seven years, we would be investing around ₹10,000 crore in R&D of alternative mobility solutions, modern, state-of-the-art, sustainable manufacturing facilities, network expansion, and brand-building across the globe,” said Pawan Munjal, Chairman and Managing Director, Hero MotoCorp.

Later this year, it expects to cross 100 million vehicles in cumulative sales since the company started its journey, way back in 1985, he added. “Since April 2011 (after its separation from Honda), when we commenced our solo journey, we have invested a total of over $600 million in our R&D. Similarly, we have invested  over $1 billion in setting up new manufacturing facilities and plants,” he  said.

Sustainability targets

Sharing the company’s sustainability targets,  Munjal said it aims to be carbon neutral by 2030, waste neutral by 2025 and 500 per cent water positive  the same year.

 “Changing times call for a change in structure. So, to address the new, emerging trends, we have created a separate vertical — the Emerging Mobility Business Unit  — that is working on a range of mobility solutions for the future,” he added.

“We will redefine mobility through the creation of a robust roadmap  that sets best practices and benchmarks for the industry. We have been driving innovation and technology advancements in the field of mobility for decades. Yet, it is imperative that we  continue to shift gears and constantly keep innovating and inventing in every sphere of mobility.”

Product rollouts

Hero MotoCorp  launched BS-VI-compliant versions of its Glamour motorcycle model, priced at ₹68,900 and ₹72,000, and Passion Pro, priced at ₹64,990 and ₹67,190. The company also unveiled its premium bike Xtreme 160R, which will hit the markets in March.

 

The writer’s trip to Jaipur was sponsored by Hero MotoCorp

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Published on February 18, 2020
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