Riding on new additions to its product portfolio and an expanding retail reach, Hero MotoCorp, is aiming to break into the league of India’s top three electric two-wheeler within two years.
The Pawan Munjal-led company, which is now ranks fifth in the domestic market, has launched the Vida VX2 in two variants with prices starting at Rs 99,490 (ex-showroom).
The new Hero model will compete against variants of Bajaj Chetak, TVS iQube, and Ola S1 on ride range, price and features.
With the option of a battery-as-a-service (BaaS), where the cost of the battery is not part of the total vehicle cost, the entry price of the VX2 is Rs 59,490. Hero is the only company, in its pack , offering batteries that can be removed for charging.
“Hero MotoCorp aims to double electric two-wheeler volumes and achieve a 12–15% market share by end of FY26, targeting a top-three position among electric two-wheeler OEMs (original equipment manufacturer) by FY27,” analysts at Nuvama wrote.
With sales of 48,674 units, Hero’s EV brand Vida closed FY25 with a market share of 4% in the electric two-wheeler segment, as per retail sales data shared by the Federation of Automobile Dealers Association.
By the end of May, the company improved the share further, to 7%, retaining its number five ranking. It now has two electric models with five variants.
India’s electric two-wheeler segment crossed the one million mark in FY25 to close at 1.14 million units, recording a growth of 21%. Though there has been a slowdown in demand for the petrol-powered two-wheeler segment, the electric two-wheeler segment has only grown.
In May, the segment reported a jump of 30% y-o-y in retail sales at over 100,000 units.
The top three companies – Ola Electric, TVS Motor Company and Bajaj Auto – together controlled 70% of the market in FY25.
With the Bhavish Aggarwal-led Ola struggling with a constant slide in market share and sales volumes, however, Hero could replace it in the top three, market watchers believe.
Hero already has the largest retail coverage of the country with over 6,000 sales and service outlets. Ola in comparison has between 800-1000 such outlets.
