Hero Moto to go big on greens: Eyes electric motorcycles priced upwards of Rs 4 lakh
Hero Moto to go big on greens: Eyes electric motorcycles priced upwards of Rs 4 lakh
JAIPUR: As rivals TVS and newcomer Ola expand aggressively in electrics, Hero MotoCorp plans to go ambitious on zero-emission two-wheelers, looking at motorcycles priced upwards of Rs 4 lakh — in collaboration with California-based Zero Motorcycles — while also beefing up the green portfolio in entry scooters under the Vida brand.
Niranjan Gupta, CEO of the country’s biggest two-wheeler maker, said that while Hero focuses on a premiumization strategy in its core petrol vehicles business, the company is investing equally aggressively in electrics. “The game in electrics has just started,” Gupta said at the ‘Hero World 2024’ event here.
The company, leader in entry motorcycles through models such as HF Deluxe and Splendor, has a clear focus on electrics and premium as it makes new investments and strikes partnerships and alliances. On Tuesday, it launched a new 125cc motorcycle, Xtreme 125R, priced upwards of Rs 95,000, while also unveiling a twin of the Harley X440 that it builds and sells in India in partnership with the iconic American bikemaker. The company unveiled the Mavrick440 roadster which now broadens its portfolio of premiums that also includes the Karizma that was launched in August last year.
Gupta said that electrics will take time to build up scale even as companies are now putting in new investments. “The journey here is like a marathon and not a 100-metre sprint,” he said, adding that strengthening of charging infrastructure, expansion of retail network, and launch of new products, will gradually give numbers to greens. “The benefit with EVs is that we not only sell them in India, but also target global markets with them.”
The company currently sells the Vida electric scooter priced at Rs 1.26 lakh (ex-showroom), and Gupta said that it will now launch more affordable versions of the product. “We will launch a mid-priced and also an economically-priced affordable version of the Vida over the coming period. Also, we are looking at a B2B commercial version, which is aimed at the last mile. We feel that it is a promising and a large segment.”
On the motorcycle with Zero, he said that it will be a premium product, and will be performance oriented, targeted at those buying 400cc-plus petrol motorcycles. “We are working on it, and expect the motorcycle to be priced at around Rs 4-5 lakh.”
Speaking about the broader two-wheeler market which had been under pressure for the past few years due to tough conditions for entry-level buyers, Gupta said that the environment is now getting better for demand. “First of all, the category is not fully penetrated and there is a big potential there. Also, we now see green shoots coming up in the segment as the consumer confidence index strengthens. The government’s capex program is also resulting in boosting income and employment. The informal sector is going up.”
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