New Delhi: Two-wheeler maker Hero Electric
on Monday said it plans to assemble e-scooters in foreign markets
in collaboration with local players and may enter into such
agreements within the next one year.
"We are looking at assembly units in overseas markets,
mainly in Western Europe and North America, in collaboration
with local manufacturers. We are positive of entering into
some such agreement within next 12 months," Hero Electric
Managing Director Naveen Munjal told agency.
He said local assembly of models will help in issues like
cost factor and staffing.
However, Hero Electric will not go for contract
manufacturing and will sell its electric scooters under the
"There will be no contract manufacturing. Rather we will
have collaboration on a case-by-case basis. And we will stick
to our own brand," Munjal said.
The company`s decision comes on the heels of its
announcement last month to start exports to Latin America and
Europe by the end of the fiscal.
Hero Electric currently sells five models -- E-Sprint,
Maxi, Optima Plus, Wave Dx and Wave Dx Extra Mile -- and last
year it exported a small number to the neighbouring SAARC
countries and Canada.
"We are currently not looking at any big increase in
exports. Rather, our aim is to make our brand more known and
acceptable in overseas markets and local assembly would
definitely help in this," Munjal said.
However, in the domestic market, Hero Electric is aiming
to increase its sales by aver 30 per cent this fiscal.
"Last year we sold around 25,000 units domestically and
we are looking to close this fiscal with over 30,000 units,"
The company will be showcasing some new products during
next month`s Delhi Auto Expo, Munjal said, but refused to
Hero Electric will keep its focus on the small and medium
speed electric scooter segment.
"The small and medium speed segment of below 45 kilometre
range has the biggest potential in India. However, we will
also launch high-speed products whenever the market requires,"
The company had recently launched its first high speed
Regarding its plans for venture into the four-wheeler EV
market, Munjal said: "We definitely have plans but it will
take some time. For any two-wheeler company to foray into the
car market is a radical step."