Hero MotoCorp, a leading manufacturer of two-wheelers, has revealed its plans to strengthen its position in the electric scooter market by introducing three new models within the next year. The announcement was made by the company’s CEO, Niranjan Gupta, during the Hero World 2024 event, where he emphasized the importance of accelerating Hero MotoCorp’s electrification journey.
In its efforts to capture a larger market share, Hero MotoCorp aims to launch electric scooters in both the mid-price and economy segments by the fiscal year 2025. This expansion will include the enhancement of its existing Vida range. Additionally, the company has identified the B2B last mile delivery segment as a key area of focus and plans to introduce another electric two-wheeler specifically designed for this market.
While Hero MotoCorp has collaborated with California-based Zero Motorcycles to develop electric bikes, Gupta acknowledged that the launch of these bikes may take longer than anticipated. He attributed the delay to the evolving nature of the Indian electric vehicle market and the current cost challenges. However, he assured that the technology gained through this partnership would eventually pave the way for the development of electric motorcycles targeted at mass-market consumers.
To meet the growing demand for performance motorcycles, Hero MotoCorp has ramped up its production to 10,000 units per month. Recently, the company unveiled two new bikes, the Mavrick 440 and Xtreme 125R, catering to enthusiasts in the performance bike segment.
In addition to expanding its electric scooter lineup, Hero MotoCorp is actively working towards making its Vida electric scooters more accessible. The company has extended the availability of Vida to 100 cities and has plans to enter an additional 100 cities within the next year. To further engage customers, Hero MotoCorp will establish exclusive small stores dedicated to its Vida electric range.
While Gupta recognized the potential of electric bikes resulting from the collaboration with Zero Motorcycles, he advised patience, as the market is still in its early stages of development. Hero MotoCorp’s strategic approach focuses on catering to a diverse range of consumers, including performance bike enthusiasts and individuals seeking practical electric options for daily commuting.
1. What are Hero MotoCorp’s plans for the electric scooter market?
– Hero MotoCorp plans to introduce three new models of electric scooters within the next year to strengthen its position in the market.
2. What is the timeline for Hero MotoCorp’s expansion in the electric scooter market?
– The company aims to launch electric scooters in both the mid-price and economy segments by the fiscal year 2025, including enhancements to its existing Vida range.
3. What is Hero MotoCorp’s focus in the B2B segment?
– Hero MotoCorp plans to introduce another electric two-wheeler specifically designed for the B2B last mile delivery segment.
4. Has Hero MotoCorp collaborated with any other company for electric bikes?
– Yes, Hero MotoCorp has collaborated with California-based Zero Motorcycles to develop electric bikes.
5. Why might there be a delay in the launch of electric bikes?
– The delay is attributed to the evolving nature of the Indian electric vehicle market and the current cost challenges.
6. What is Hero MotoCorp’s strategy for performance motorcycles?
– The company has ramped up production to meet the growing demand for performance motorcycles, with a monthly production of 10,000 units. They have recently unveiled the Mavrick 440 and Xtreme 125R bikes for enthusiasts in the performance segment.
7. How is Hero MotoCorp making its Vida electric scooters more accessible?
– Hero MotoCorp has extended the availability of Vida to 100 cities and plans to enter an additional 100 cities within the next year. The company also plans to establish exclusive small stores dedicated to its Vida electric range.
– Hero MotoCorp: A leading manufacturer of two-wheelers.
– Electric scooters: Scooters powered by electricity instead of fossil fuels.
– Fiscal year: A company’s accounting period, typically one year.
– B2B: Business-to-business, referring to transactions and interactions between businesses.
– Last mile delivery: The final stage of the delivery process, usually from the transportation hub to the customer’s location.
– Mass-market consumers: The general public or a large group of consumers.