EV project progressing, first product by Mar 22: Hero MotoCorp

Hero MotoCorp said its electric vehicle (EV) project is progressing as per plans and is set to launch its first EV product by March 2022. The Chittoor manufacturing facility in Andhra Pradesh will produce the EVs.

Hero Motocorp makes the largest motorcycle logo in the world

 

Hero MotoCorp said its electric vehicle (EV) project is progressing as per plans, and the Chittoor manufacturing facility in Andhra Pradesh is gearing up to produce the EVs.

The teams at Hero MotoCorp are focused on working across the entire EV eco-system, such as battery technology and battery management systems, powertrain, telematics, analytics & diagnostics and charging infrastructure, it said.

Swadesh Srivastava has recently been appointed to head Hero MotoCorp’s emerging mobility business unit (EMBU), which is set for the launch of the first EV product by March 2022.

Swadesh joined recently and had worked with tech-enabled companies such as Apple, Intel, Ola Electric and Flipkart, and had received his PhD & MS from the University of Minnesota and BTech from IIT-Madras.

While announcing Q2 results last month, the company had said in keeping with its vision — Be the Future of Mobility — Hero MotoCorp is committed to bringing sustainable mobility solutions to its customers and accelerating its focus on producing EVs as an integral part of its product portfolio.

Hero MotoCorp and Taiwan’s smart mobility innovation company, Gogoro, had in April this year announced a strategic partnership to establish a joint venture (JV) to bring the latter’s battery swapping platform to India, collaborate on EV development and bring Hero-branded and Gogoro Network-powered vehicles to market.

The largest two-wheeler maker in the country reported a 43% drop in its wholesales in November 2021. The company said that delay in harvesting due to the late withdrawal of monsoon in many parts of the country, impacted the demand post the festive season. With the economy gradually opening up, coupled with several other positive indicators, such as encouraging farm activity, confident consumer index and marriage season, a swift revival in sales is expected in the fourth quarter, it said.

Commodity prices, which are showing some signs of softening aided with the reduction of excise duty on fuel and increased spending on Capex programmes by the government, is likely to bring back the momentum in the two-wheeler industry.

Hero MotoCorp recently announced further strengthening of  its leadership by appointing experts on its board of directors, including Rajnish Kumar — former chairman of State Bank of India.

The company has also appointed Vasudha Dinodia, an entrepreneur who founded the boutique chocolate start-up, Choko La, in 2005, as a non-executive director on the company’s board. Camille Tang — an expert on finance, retail, technology and artificial intelligence  – was also appointed as an independent non-executive director.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express Telegram Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.