Hero Electric will expand its production capacity at its Ludhiana plant by March 2022 as the company sees a rise in demand for its electric two-wheeler range.
see photosHero Electric is also working to increase its presence across India
India’s largest electric two-wheeler manufacturer by volume, Hero ElectricLtd. has announced that it will expand its production capacity at its Ludhiana plant due to rising demand. The company had already announced that it plans to add a production capacity of one million per year with a target of manufacturing more than five million electric two-wheelers per year by 2026. The latest update fast track which plans to increase the additional capacity to five lakh units by March 2022 and one million every year.
Read also: Hero Electric partners with WheelsEMI to boost EV sales
Naveen Munjal – MD- Hero Electric, said that the company will ramp up production to manufacture over 5 lakh and over one million units every year.
Speaking on the development, Naveen Munjal, MD, Hero Electric, said, “The last few months have set the tone for the years to come. An extremely conducive environment in view of the new policies and subsidies which will help in increasing awareness amongst the consumers. This has brought a tremendous change in the industry leading to an increase in the demand for straight EV two wheelers. Hence we are expanding our production facilities to manufacture more than 5 lakh vehicles and will expand the capacity to meet the growing demand. We at Hero are extremely excited about the market and look forward to a new era of electric mobility.”
Adding to this, Sohinder Gill, CEO, Hero Electric said, “At Hero, we have always believed that the growth in the industry is going to witness a hockey stick curve someday and the numbers of the last few months are an index of what In Stores. We are witnessing heavy walk-ins at our dealerships and are working overtime to avoid stockout situations and long waiting lists. We believe that the customers can now consider Hero e-bikes as a viable alternative to petrol bikes. and are actively considering buying as a viable option because of the attractive sticker price and the ‘best’ savings in total cost of ownership. Therefore we are redesigning our business plans to maintain the leadership position Which we have held all these years.”
Read also: Hero Electric raises ₹220 cr growth capital, aims to sell 1 million units every year
Hero Electric CEO Sohinder Gill said the company is redrawing business plans to retain its leadership position
Hero Electric says that it has witnessed tremendous growth in the ‘City Speed’ segment since the unlock period in June 2021. The company has registered a growth in sales during the months of July and August with a steady increase in market share. In addition, the manufacturer says that the FAME II subsidy revision and state EV policies helped bring down the prices of its offerings. The company’s current range starts from ₹ 53,600 (ex-showroom, post-subsidy).
0 notes
Hero Electric is also working to expand its presence across India with new experience centers and dealerships. The company aims to launch new and exclusive showrooms in major cities in the next few months. Back in June this year, the EV maker announced its Series B round of funding to drive the expansion. The new investment will be used to expand production, presence, as well as R&D efforts. Hero Electric has launched more than 15 electric two-wheelers in the last one decade. The product line-up caters to both private and B2B segments in the country.
for the latest auto news And ReviewFollow carandbike.com Twitter, Facebookand subscribe to our youtube Channel.
.