Hero MotoCorp will reportedly launch its first electric vehicle in Q4 FY2022; working on its own range of non-swappable electric two-wheelers
The switch to electric mobility solutions is inevitable but the transition will only be gradual. With more product launches and increase in demand, we can expect to buy reliable zero-emission motorcycles and scooters from the mainstream two-wheeler makers at an accessible price range, and we have seen the first signs of it already.
TVS, Hero and Bajaj control about 70 per cent of the Indian two-wheeler market and they certainly add electrified models into the lineup. According to a recent report that surfaced on the interweb, the trio will add new production lines and introduce new battery-powered scooters in the current financial year.
However, the health crisis may alter their plans. Bajaj Auto will invest Rs. 650 crore on its new production facility in Chakan near Pune and a Memorandum of Understanding was signed with the Maharashtra state government late last year. It will spawn motorcycles for KTM, Husqvarna and Triumph brands likely from 2023 reportedly.
The total capital expenditure lined up by Bajaj for FY2022 is Rs. 800 crore. As capex, TVS Motor Company will spend up to Rs. 600 crore and an additional outlay of Rs. 150 crore is lined up for TVS Credit and the ongoing June quarter may have a say in it. The brand is planning to expand its sales network of the iQube to 20 cities as well.
Its production will reportedly rise significantly and is in line with the brand’s aim of expanding the electric vehicle range. Hero MotoCorp, the largest two-wheeler maker in the world, plans to spend up to Rs. 1,000 crore in FY2022 as capital expenditure and it could be recalibrated as well. Its first EV will go on sale in the final quarter of this FY.
It is said to be working on its own line of non-swappable electric two-wheelers and swappable battery vehicles in partnership with Gogoro. Hero has extended the production halt by another week till May 16, 2021 due to apparent reasons prevailing across the country. The calendar year 2022 could shape up to be an important period for new electric two-wheeler launches in India.