Hero Electric has announced that it will further expand the capacity of its new production facility in Ludhiana owing to the growing demand witnessed by the brand. The company will be ramping up its capacity from the existing 1 lakh vehicles to over five lakh units by March 2022. With this initiative, Hero Electric says that it has plans to subsequently add production capacities of one million every year with a target to manufacture over five million EV 2W per year by 2026. Being a market leader with around 4 lakh EVs on the road, Hero Electric says that it has seen tremendous growth in the overall sales of its most popular scooters in the ‘City Speed’ segment post unlock in June, 2021.
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Hero Electric’s scooters with the revised amendments to FAME-II and additional state subsidies are currently priced in India at a starting of Rs 53,600 (post-subsidy). The company says that it will also launch exclusive experience showrooms in major centers in the next few months to educate and create awareness for EVs in India. Speaking on this, Sohinder Gill, CEO, Hero Electric said that Hero Electric has always believed that the growth in the industry is going to see a hockey stick curve some day and the numbers from the last few months is an index of what is in store.
He adds that the company is witnessing huge walk-ins at the dealerships and the brand is working overtime to avoid stockout situations and long waiting lists. Hero Electric believes that the customer is now actively considering buying Hero E-Bikes as a practical and viable alternative to petrol bikes because of attractive sticker price and ‘best in class’ savings in the total cost of ownership. Hero had, earlier in June announced its Series B round of funding to drive the expansion of its facilities and the company continues to be committed to transforming the way the nation commutes. Over the past decade, Hero Electric has launched over 15 electric two-wheelers in India.
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