Hero Motocorp bets on steady EV market growth, eyes pan-India expansion
Subscribe to enjoy similar stories. Hero MotoCorp, India’s largest two-wheeler maker expects it can build an exhaustive pan-India presence for its electric vehicles (EVs) over the next four quarters, a top company official told Mint on Wednesday. Niranjan Gupta, chief executive officer, Hero MotoCorp, said it expects its EV business to become independently viable within two years.
“We’re expanding not just our (EV) product portfolio but also the infrastructure required to support it. You don’t want to be in a position where customers buy a product but are left wondering where to charge it. That’s why we’ve already installed over 3,000 charging stations with Ather and operate in more than 250 cities with close to 400 outlets", Gupta said, adding that his approach to EVs so far has been “measured" as the company also focusses on correcting its EVs cost structures.
The company has been an early backer of Ather Energy, an EV startup which is now looking to go public. Hero MotoCorp, which owns nearly 40% stake, is not offloading any of its equity in the offer-for-sale. “We started eight quarters back with premium products," Gupta explained.
“Today, we have affordable options like the Vida V2 in the sub- ₹1 lakh price segment. By the first quarter of the new fiscal, our portfolio will be complete, offering products for all customer needs." Gupta was candid about the evolving EV market and Hero’s measured approach to growth. “EVs are a marathon, not a sprint," he said.
“Right now, the category is only 6% of the two-wheeler market, and within scooters, it’s about 15%-16%. But this is a dynamic space. The current market leaders keep shifting as players adjust their portfolios, distribution, and pricing strategies.
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