India’s largest electric two-wheeler manufacturer Hero Electric on April 3 announced that it has crossed the one lakh unit sales mark for the second consecutive financial year. The company’s turnover for the fiscal has surpassed Rs 1,000 crore with a 20 percent increase over the previous year.
Hero Electric said that the two-wheeler maker’s sales performance can be attributed to its varied and revamped product portfolio that includes a focused range of five platforms (Photon, Optima, NYX, Eddy and Atria) with multiple variants catering to the diverse requirements of riders.
Hero Electric recently launched three new products - Optima CX5.0 (Dual Battery), Optima CX2.0 (Single Battery), and NYX (Dual Battery) - priced between Rs 85,000 and Rs 1.3 lakh. The company claims that its latest two-wheelers boast a best-in-class powertrain and enhanced safety.
The electric two-wheeler manufacturer continues to invest in expanding its manufacturing capacity and dealership presence and strengthening the EV ecosystem. In March 2023, the company said that it aims to roll out over 10 lakh vehicles annually in the next two to three years from its manufacturing units in India.
It also plans to set up a greenfield plant in Rajasthan with an annual production capacity of 20 lakh units with an investment of around Rs 1,200 crore. The company could touch the 10 lakh units per annum mark within the next two to three years, Sohinder Gill, CEO of Hero Electric said.
The company is currently setting up a new factory in Punjab’s Ludhiana. Besides, through its strategic partnership with the Mahindra Group, for a shared facility in Pitampura, Madhya Pradesh, the company now has a manufacturing capacity of five lakh units. It further plans to set up a greenfield plant in Rajasthan with an annual production capacity of two million units.
Hero Electric is targeting to train/re-skill over 25,000 mechanics under its PGO Initiative to aid the overall enhanced EV-owning experience. The firm has also set a target of building a comprehensive charging network by installing up to 20,000 stations by the end of this year.
As of now, the company claims to have over six lakh electric two-wheelers on Indian roads.
