Hero MotoCorp announced that it will invest $60 million in Zero Motorcycles, a US-based company to develop electric motorcycles.
The nation’s largest two-wheeler manufacturer said it has reached a partnership agreement with a California-based producer of premium electric motorcycles as well as powertrains.
It added that the company’s board approved an equity investment of $60 million in Zero Motorcycles.
Zero Motorcycles is the world’s leader in electric motorcycles, powertrains, and others. For 2021, its consolidated revenue was $60.7 million.
Hero MotoCorp stated that it is working to address electric mobility through a variety of organic and inorganic collaborations and will launch its first electric product under its new mobility brand Vida on October 7, 2022.
Two-wheeler giant owns a 35% stake in Ather Energy, the electric two-wheeler manufacturer.