Next month, the nation’s largest two-wheeler manufacturer, Hero MotoCorp, will introduce its first model to the domestic market, marking the company’s entry into the electric vehicle market. Under the brand name Vida by Hero MotoCorp, Hero is going to enter the market.
A new era in mobility is about to begin, the company claimed in a regulatory filing, alluding to a Vida brand event on October 7, 2022. The two-wheeler industry leader has sent invitations to the event in Jaipur, Rajasthan, to its dealers, investors, and international distributors.
Industry insiders have verified that the business will introduce its first electric vehicle at the occasion.
In March this year, Hero MotoCorp said it has lined up a USD 100 million (around Rs 760 crore) global fund to nurture over 10,000 entrepreneurs on ESG (environmental, social, and governance) solutions, including its upcoming electric vehicles (EVs).
The two-wheeler maker plans to introduce emerging mobility solutions under the Vida brand.
Sources said the company has developed the product at its Jaipur-based R&D hub, the Centre of Innovation and Technology, and will utilize its Chittor-based manufacturing facility in Andhra Pradesh to roll out the product.
Current status of Hero MotoCorp in EV Segment:
There are logically 2 ways Hero MotoCorp could introduce its EV Product Portfolio. First, to introduce Electric Vehicles under their names without the Hero brand, or second, to settle with Naveen Munjal and introduce EVs as a whole.
In this case, MotoCorp’s CEO Pawan Munjal chose option one and recently stated in a conference call that the company would be introducing its electric vehicles under other brand names.
To move forward with this choice, where Hero Motocorp acquired a 35% stake in Ather, the Company has already taken several actions. Another EV player with the significant market expansion is Ather.
Additionally, Hero MotoCorp and Taiwan-based Gogoro, a manufacturer of electric mobility, have allied. Gogoro will introduce smart mobility innovation and battery swapping technology to India.
Gogoro controls a 97% monopoly market share in Taiwan’s 2-W Electric Vehicles Market for Battery Swapping Technology. Additionally, Gogoro offers its customers electric mobility solutions.
Fixed Charging and Battery Swapping is the two platforms on which Hero MotoCorp will introduce its EV.
Product development will take place at facilities in Germany, India, and Jaipur. While Andhra Pradesh will be the location of the manufacturing.
The business has also stated that it will release a product every year, which may be a new version or an improvement over the previous design.
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The content of this news is taken from economics times