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India’s biggest two-wheeler manufacturer, Hero MotoCorp has announced its plans to enter the much-coveted electric vehicle (EV) segment soon. According to a senior company official, the company has a lot of expectations from the EV segment and has already started R&D for the same in its Jaipur, India and Stephanskirchen, Germany plants to develop new products. In addition to this, Hero MotoCorp has also partnered with a Taiwan-based company (Gogoro Inc.) to bring the latter’s battery swapping platform to India. The partnership also promises to bring Hero-branded vehicles to the market that will be powered by Gogoro.
Speaking about this development, Niranjan Gupta, CFO, Hero MotoCorp said, “We are aiming to launch our EV products in 2022 and numerous actions have already been taken to do the same”. He further added that the results of these actions will be visible early next year and it may include Hero’s products as well as swap products or products launched in collaboration with Gogoro. He also informed that to get the most from the EV segment, the company has already invested in Ather Energy (a Bengaluru-based start-up). Giving more information on the EV strategy, Mr. Gupta said that Hero’s R&D centres have been working on developing products that are based on fixed charging systems. While the partnership with Gogoro is focusing on swap-based systems.
He reiterated the fact that Hero is looking to work in both the domains by having their own fixed charging system products as well as collaborating with Gogoro to have swap-based system products. By doing so, the company will be able to cater to both segments. According to him, the timeline for both projects is 2022.
Replying to a question related to the company’s plans for the premium segment, Mr. Gupta informed that they have already launched Xtreme 160R and Xpulse and Hero will be launching more such products every year to cater to the premium segment. He also assured that the company has not postponed any new launches and all the product launches will go ahead. In the recently concluded fiscal year, Hero MotoCorp recorded sales of 58 lakh units of motorcycles and scooters.
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