Hero MotoCorp plans to expand its electric two-wheeler range over next 18-24 months

With increasing demand and response for electric two-wheelers in the Indian market, homegrown brand Hero MotoCorp has several products in its pipeline.

Hero MotoCorp has recently stepped into the electric two-wheeler business with the Vida brand. The country’s largest two-wheeler brand is also the world’s largest two-wheeler manufacturer. Well, the company is now preparing to grab a big share in the electric two-wheeler business as well. Hero MotoCorp is looking to launch a slew of electric two-wheelers in the country, in order to expand its range over next two years, a senior company official revealed. Currently, Hero MotoCorp sells its Vida range of electric scooters in Delhi, Bengaluru, and Jaipur in a total of two variants. And, it is eyeing to introduce more models in a larger sales and service network.

"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...We are really ready to now multiply into many cities going into FY24 to establish ourselves wider into the market," Hero MotoCorp Head - Emerging Mobility Business Unit (EMBU)- Swadesh Srivastava said during an analyst call.

Hero MotoCorp had launched VIDA V1 electric scooter in October last year in two variants Pro and Plus.

The company produces the electric scooter at its Chittoor-based plant in Andhra Pradesh and competes with the likes of Bajaj Chetak, TVS iQube, Ather Energy, Hero Electric and Ola Electric, among others. Srivastava said the company has been able to establish the new brand in the market this fiscal year and it is now time to get into much wider markets next year.

"We are already going to launch a few more cities within this quarter and then a much wider nationwide expansion next year (fiscal) will happen with this product (Vida V1)," he stated. In terms of the product portfolio, the brand has an accelerated plan where there will be products coming in various segments, Srivastava said.

"The mainstream, the mass segment as well, and that will help us cater to the different segments and different geographies," he noted. The electric two-wheeler segment has been witnessing tremendous growth in the country. As per FADA, the electric two-wheeler sales stood at 6,28,671 units last year, up four-fold as compared with 1,55,422 units in 2021.

With agency inputs.