Hero MotoCorp Set to Introduce Three Electric Scooters in 2024
Hero MotoCorp plans to introduce three new electric scooters in 2024, targeting different customer segments: ‘mid’, ‘affordable’, and ‘business-to-business (B2B)’. The CEO, Niranjan Gupta, shared this update on Tuesday. As of now, the company’s only electric scooter is ‘Vida’, launched in October 2022.
With an 80 percent market share, Ola, TVS Motor, Bajaj Auto, and Ather currently control the majority of the Indian electric scooter market.
In response to a question regarding the competition, “I am not worried at all. Electric vehicle (EV) is like a marathon and not a 100-meter race… In a marathon, you seldom see the winner is ahead during the first 100 meters. EV is that race.”
Niranjan Gupta stated.
“There will probably be more players coming in. There will be players, who will have to consolidate and fold. The next three years will see a churn in this segment as the government subsidies will not continue forever… The game in EVs has just started,”
At present, Vida is available for purchase at 150 locations in 100 cities. According to Gupta, the firm plans to create 500 unique boutiques solely dedicated to the sale of electric scooters. In addition, Vida will be available for purchase at luxury showrooms and remodeled Hero stores.
Hero MotoCorp domestically sold 14,046 units of Vida during the April-December period of 2023-24. Vida comprised 4.53 per cent of its overall scooter sales during the time, according to the Society of Indian Automobile Manufacturers (SIAM) data.
“It is difficult to say. The EV market is still evolving.” On Tuesday, the company unveiled the Mavrick 440, a 440 cc motorcycle, and the Hero Xtreme 125R, a 125 cc motorcycle, at ‘Hero World 2024.’ Bookings for the Mavrick 440 will open in February, with deliveries occurring in April.
In response to a question about how much of its total scooter sales will come from electric scooters over the next two years, Gupta said.
“We are making sure that Vida stays aspirational and yet accessible. As a result, we are going to make the range affordable very soon. We will also be launching a business-to-business (B2B) product. B2B, the last mile connectivity, is a big segment. Over the next 12 months, we are going to launch a mid-priced electric scooter and an economically-priced electric scooter through the Vida range.”
Regarding the Vida, he stated.