Hero MotoCorp Expands Electric Scooter Range
May 20, 2024 17:25
Hero MotoCorp plans to expand its electric two-wheeler range with new models in the mid and mass segments, aiming to capture a wider customer base. The company expects significant growth in the EV segment in the coming years.
Photograph: Danish Siddiqui/Reuters
New Delhi, May 20 (PTI) Hero MotoCorp is looking to expand its presence in the electric two-wheeler segment as it aims to introduce new models below its current range to cater to a broader set of customers, as per a senior company official.
The country's largest two-wheeler maker currently sells two electric scooters under its Vida range, priced between Rs 1 lakh and Rs 1.5 lakh.
"We are expanding our portfolio in the first half of this year (current fiscal)..into the mid and the mass segment as well," Hero MotoCorp Chief Business Officer - Emerging Mobility BU Swadesh Srivastava said in an analyst call.
With new product introductions this fiscal, the company is going to be able to play in each of the three segments of premium, mid and mass, he noted.
"With this, we are looking at significant growth within this year. And we are also looking to improve our cost structures," he said.
The company is going to witness huge growth in the EV segment this year as well as next year, he stated.
"We are looking at steep growth this year and next year, based on the portfolio and the geographical expansion," Srivastava said.
Hero MotoCorp has expanded the presence of the VIDA brand to more than 120 cities and over 180 touch-points in the country.
It has also entered into a partnership with Ather Energy for an interoperable charging network, providing over 2,000 charging points across 200 cities to its customers.
To strengthen its global presence, VIDA is also expected to make its debut in European and UK markets in FY25.
Replying to a query, Hero MotoCorp CEO Niranjan Gupta said the company's capex guidance remains between Rs 1,000 crore and Rs 1,500 crore for the current fiscal.
He noted that there are new product launches in the offing.
"We are going to launch Xoom 125, Xoom 160 - the scooter launches in the first half, you will see more, some more forays into the premium segment as well," he told an analyst.
He further said: "And we can confidently say that we are poised for accelerated growth moving forward for FY25 and beyond.
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