Hero Electric

Asserts that the company is robust not to depend on govt subsidies for survival and growth

Hero Electric on Wednesday said it is set to roll out over 10 lakh vehicles annually in the next two to three years from its manufacturing units in India. The company, which launched new versions of its three electric scooter models priced between Rs 85,000 and Rs 1.3 lakh, plans to set up a greenfield plant at Rajasthan with an annual production capacity of 20 lakh units with an investment of around Rs 1,200 crore. "We have worked closely with our partners to cater to the surging demand for EVs in the country. As a result, we are proud to announce that we are all set to roll out over 1 million vehicles annually from our manufacturing units," Hero Electric Managing Director Naveen Munjal said here at the launch of the new models. Asked when the company could touch the 10 lakh units per annum mark, he said it could be in the next two to three years. In the ongoing fiscal, the company expects to end with over 1 lakh units sales and in 2023-24 it could be around 2.5 lakh units. He sa

Many are considering shutting shop as supplies are down to a trickle and operational costs exceed revenues

Given the development, industry insiders say that the 1-million-unit target this fiscal year may not be achieved

Electric two-wheeler maker Hero Electric on Wednesday said it has partnered with Dhoot Transmission Pvt Ltd for new wiring harness solutions. The company's products will be equipped with the latest wiring harnesses of Dhoot Transmission under the partnership, it said in a statement. "Our partnership with Dhoot Transmission to procure wiring harnesses for our products is a step towards ensuring vehicle efficiency and customer safety by equipping our products with durable and robust components," Hero Electric CEO Sohinder Gill said. The two companies have extensively collaborated on the 3D design for Hero Electric models of the wire harness, Dhoot Transmission Managing Director Rahul Dhoot said. "This design has features that provide optimum performance to the end user, ensuring long life, compatibility, and durability, all woven into one with careful thought on cost-effectiveness," he added. Dhoot Transmission has 21 manufacturing facilities across the globe, out of which 18 such .

A few, such as Hero Electric, keep the status quo on prices

Hero Electric on Monday said it has entered into a long-term partnership with Maxwell Energy Systems for the supply of advanced battery management systems. Under the partnership, Maxwell will supply more than 10 lakh units of its battery management systems (BMS) over the next three years to Hero Electric, the company said in a statement. Hero Electric CEO Sohinder Gill said the BMS solution from Maxwell will help the company provide safe and performance-oriented EVs to its customers. "This partnership will also help us build the local supply chain and support the Make in India mission, further reducing our import dependency. With Maxwell on board, we now have two solid reliable partners to future proof our battery designs," he added. Maxwell's newly designed automotive-safe BMS supports multiple chemistries and configurations to cater to the entire e2W range of Hero Electric. It also comes with additional technical capabilities such as high-side switching and hot-plugging for seaml

The company is not looking for mergers and acquisitions, but is open to having a strategic investor who can bring some technical expertise

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Electric two-wheelers (E2W) crossed 600,000 in sales in 2022, according to government data

The supply chain for electric two-wheelers (E2Ws) is coming into shape but still not ready, argues the industry association SMEV

The target is to supply 300,000 battery packs and chargers in the next financial year based on Hero Electric's projections

Manufacturers say 1.5 million two-wheelers could be sold in FY24

The company is also open to mergers and acquisitions in the auto tech space

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The first stage of investment will roll out this year for a new factory in Rajasthan, where vendor units will invest another Rs 400 crore

Volume trajectory in the festive season is a key near-term trigger

Centre has also asked Greaves Cotton's Ampere, Rattanindia's Revolt, Okaya and Jitendra EV to face an audit to be conducted by the Automotive Research Association of India (ARAI)

The greenfield facility by Hero Electric will be spread over 170 acres and have an annual capacity of manufacturing 2 million units

Hero Electric reportedly ordered fully assembled vehicles into the country but later disintegrated them and sent them to different ports across the country to evade tax