Hero Electric planning a rapid boost in their production by investing INR 7,00,00,00,000
"Within 3-4 years, production capacity to be increased to 10 lakh units"
To meet the high demand for electric two-wheelers in the market, Hero Electric is working on increasing its production capacity.
They are planning to invest INR 7,00,00,00,000 over the next 3-4 years, which will presumably escalate their production from the current 75000 to 10 lakh units.
According to this plan, production should be increased to 3 lakh units, in the first phase alone.
Naveen Munjal, Managing Director of Hero Electric has said " At the current growth rate, the electric two-wheeler market will touch 20 lakh units in five years. With a little bit of a push and more favorable policies, this number could expand to 20% to around 40 lakh units a year"
From 2017 to 2020-21, the overall market for two-wheelers increased from 40,000 to 1.7 lakhs.
Hero Electric accounted for 53,500 units of that.
Currently, Hero Electric's two-wheelers range includes only low-speed electric scooters.
They say they will only enter the high-speed segment when there is sufficient demand.
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