Hero Electric to Boost Production to Over 5 Lakh Units by March 2022
Hero Electric has announced that it will further expand the production capacity of its all-new manufacturing facility in Ludhiana owing to the growing demand for electric two-wheelers. With this initiative, the brand aims to drive growth in the EV two-wheeler sector and plans to subsequently add production capacities of one million every year with a target to manufacture over five million E2Ws per year by 2026.
Hero Electric has sold around 4 lakh electric two-wheelers so far. The company has seen tremendous growth in demand and overall sales of its most popular scooters in the ‘City Speed’ segment post unlock in June 2021. The EV-maker also reported a surge in sales in July and August with consistent growth in market share. Hero Electric’s scooters with the revised amendments to FAME 2 and additional state subsidies are the most affordable EV two-wheelers in the country with prices starting at INR 53,600 (post-subsidy).
Speaking on the development, Mr.Naveen Munjal, MD, Hero Electric said, “The last few months have set the tone for the next few years to come. An extremely conducive environment given the new policies and subsidies which are supporting growing awareness among consumers. This has also led to a tremendous shift in the industry that has directly led to a growth in demand for electric two-wheelers. We are hence ramping up our production facilities to manufacture over 5 lakh vehicles and will go on to expand to add capacities to make over 1 million vehicles every year, year-on-year to meet the growing demand. We, at Hero Electric, are extremely bullish about the market and are looking forward to a new era of electric mobility.”
Over the last few months, Hero Electric has continued the expansion of its experience centres and dealerships to reach out to the masses looking for alternative modes of mobility. The company will also, in the next few months, launch exclusive experience showrooms in major centres to educate and create awareness for EVs in India.
Hero Electric had announced in June its Series B round of funding to drive the expansion of its facilities and the company continues to be committed to transforming the way the nation commutes. Over the past decade, the company has launched over 15 electric two-wheelers in India. Its best-selling scooters, in the “City Speed” segment, have now become the go-to bikes for the retail customer and also for the B2B segment across the country.
