Hero Motocorp To Soon Enter EV Segment

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Hero Motocorp, which is the country’s leading two wheeler maker, is in plans to launch an electric model next year and mark its entry into the lucrative EV segment, according to a senior company official. The company is bullish on the EV vertical and hence is utilising its Jaipur (Rajasthan) and Stephanskirchen (Germany) based R&D set-ups to develop its own products. Recently, it has also partnered with Taiwan-based Gogoro Inc to bring the latter’s battery swapping platform to India.

The partners have also decided to collaborate on electric vehicle development to bring Hero-branded, powered by Gogoro network vehicles to market.

The company is trying to launch one of the EV products in fiscal year 2022. After which, we may see multiple actions from the company on similar lines. This was mentioned by Hero MotoCorp CFO Niranjan Gupta in an analyst call. Mr Gupta said the company’s Germany and Jaipur-based R&D centres have been working to develop products based on fixed charging systems whereas the Gogoro partnership is focusing on the swap based system.

He also added that the tie-up with the Taiwan-based firm could also help the company to strengthen its own product development programme. Since Gogoro has got ready and proven technology, a lot of learning will be gathered from there and will help to establish the business here quickly. However, the timeline for both the projects is next year.

Mr. Gupta also noted that the pandemic has had no impact on the company’s product roll-out plans and they are not planning to delay the future launches.

Recently, in order to tap the EV segment, the two-wheeler maker has already invested in Bengaluru-based EV startup Ather Energy, which already has introduced models in the market.

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