Over next 18 to 24 months, Hero MotoCorp expects to increase range of its electric two-wheelers
Delhi : Hero MotoCorp entered the electric two-wheeler market with the Vida brand. The largest two-wheeler brand in the nation is also made by the biggest two-wheeler manufacturer in the globe. The company is currently preparing to gain a significant market share in the electric two-wheeler industry as well. According to a senior corporate executive, Hero MotoCorp plans to introduce more electric two-wheelers in the nation in the next two years in order to increase its range. There are now two variants of the Hero MotoCorp Vida line of electric scooters available in Delhi, Bangalore, and Jaipur. And it intends to expand its sales and servicing network by introducing more models.
We are really prepared to expand into many cities going into FY24 to establish ourselves wider into the market, Hero MotoCorp Head of the Emerging Mobility Business Unit (EMBU) Swadesh Srivastava said during an analyst call. "With the launch in the three cities — Delhi, Bengaluru, and Jaipur — where the customers are really taking up to the product and the overall sales and pre-sales experience...
In two versions, Pro and Plus, Hero MotoCorp introduced the VIDA V1 electric scooter in October of last year. It competes with brands like Bajaj Chetak, TVS iQube, Ather Energy, Hero Electric, and Ola Electric, among others, in the production of electric scooters at its plant in Chittoor, Andhra Pradesh.
The new brand has been successfully established in the market, according to Srivastava, and it is now time to expand into much bigger markets the following year.
The Vida V1 product will have a considerably wider nationwide expansion next year (fiscal), he said. "We are currently launching in a few additional places within this quarter," he added. According to Srivastava, the company has an expedited plan for its product portfolio that will see products enter several market categories.
The mass market, he added, "as well, and that would allow us appeal to the various sectors and various geographies." In the nation, the market for electric two-wheelers has grown incredibly. Electric two-wheeler sales reached 6,28,671 units last year, a four-fold increase from 1,55,422 units in 2021.
