Hero Electric Plans To Set Up More Plants Aiming 10-Fold Sales Growth

Hero-Electric-NYX-Front.jpg

Hero Electric aims to sell 25,000 electric two-wheelers this year; targets to increase the current sales number 10-fold in next five years

Hero Electric is planning to set up new manufacturing plant in order to increase its production volume. The electric two-wheeler manufacturer company says the new plant could be set up somewhere in West or South India. With this, the company is aiming to grab bigger market share in Southern part of the country and it also aims to export the two-wheelers to more overseas markets compared to current 32 markets.

The plan to set up a new production facility comes as part of its bigger futuristic ambition to grab larger share in the Indian electric two-wheeler market when the country adopts zero emission pure electric mobility in 2030, under the central government’s Mission EV 2030. Presently, at its Ludhiana factory, Hero Electric has production capacity of 50,000 units per annum.

hero-electric-optima-plus

Also read: Hero Electric Targets Rs. 1,000 Crore Revenue; To Launch One Product Every Year

As the two-wheeler manufacturer says, it targets to sell more than 25,000 units in this year and also aims to increase the sales volume 10-fold in next five years compared to the current sales number. Interestingly, last year, the brand sold less than 15,000 units here and retailing 25,000 units will be a big leap.

With this strategy, Hero Electric is expecting to become a major player in the domestic EV market. Not only domestic market, but enhancing export number is also a part of the company’s growth strategy. While the next plant is expected to be set up in West or South India, the brand didn’t clear where other facilities will be based, as it is likely to roll out products from various factories in next five years.

Hero Electric Cruz

Also read: Vespa Elettrica Is A Zero-Emission Electric Scooter Signalling The Future

After recovering from a financial crash post the 2010-2011 global financial crisis, Hero Electric now is looking forward to see a significant growth in coming years. Interestingly, Indian two-wheeler market is likely to grow around 32,000- 35,000 units by the end of this year and Hero Electric wants to hold the largest stake in that.

Apart from two-wheelers, Hero Electric is also focusing on the electric rickshaw business. The new plants are expected to roll out these e-rickshaws and this way the company will certainly throw tough challenge to Mahindra that has already garnered attention with its e-Alpha Mini.