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Hero MotoCorp Sets Sights On Affordable Electric Scooters In FY25
Hero MotoCorp's CEO Niranjan Gupta announced plans to introduce budget-friendly electric scooters in FY25. Despite being a leader in the internal combustion engine-powered two-wheeler market in India, Hero MotoCorp has been slow to enter the electric vehicle sector.
However, with the Vida V1 Pro already available, the company now aims to broaden its electric vehicle offerings in India.
Expanding EV Portfolio
Gupta mentioned that Hero MotoCorp intends to establish dominance in the electric two-wheeler market by creating a robust product lineup.
"We want to build leadership in EV and to do that, we will be creating a very powerful EV product portfolio, augmenting the Vida V1 Pro that we have today," he stated. The company plans to launch products in both mid-range and affordable segments within this fiscal year.
The automaker's annual report for 2023-24 revealed a strategic plan to rapidly scale its electric vehicle business. Besides focusing on the domestic market, Hero MotoCorp is also optimistic about launching its electric scooter range internationally. These initiatives follow the company's earlier announcement of new electric scooters set for release in the first half of FY25.
Vida Sub-Brand and Market Competition
A few years ago, Hero MotoCorp introduced the Vida sub-brand dedicated to electric vehicles. The Vida V1 electric scooter range is priced between ₹1-1.5 lakh (ex-showroom), including state subsidies. While competitors like Ola Electric and Ather Energy offer products under ₹1 lakh, Vida aims to capture a share of this growing segment.
The Indian electric scooter market has seen significant growth due to new entrants and established players. However, the electric motorcycle segment remains niche with fewer participants. Hero MotoCorp sees an opportunity here and plans to develop new models targeting this space.
Partnerships and Future Prospects
Executive Chairman Pawan Munjal highlighted that their collaboration with Zero Motorcycle would help develop new electric motorcycles aimed at a unique customer base, thus expanding the market size.
"I am particularly pleased to witness VIDA V1's rise as one of the leading electric scooters in India, and I anticipate its future launch in global markets, where it is poised to become a significant player as well," Munjal added.
Hero MotoCorp claims it has expanded its EV scooter Vida from three cities to over 100 across India. This expansion reflects their commitment to increasing their presence in the electric vehicle market.
Building EV Charging Infrastructure
In addition to introducing new and affordable electric scooters, Hero MotoCorp is also focusing on developing public-charging infrastructure. Munjal noted that together with Ather Energy, Vida has established India's largest public-charging network for two-wheeler EVs.
The company's efforts indicate a comprehensive approach towards enhancing its position in both domestic and international markets while addressing infrastructure needs crucial for widespread EV adoption.
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