With increase in demand, Hero Electric plans to increase product current capacity of 1 lakh to 5 lakh units by March 2022
Hero Electric, India’s largest electric two wheelers company, offers several electric scooters. Among the most popular Hero Electric scooters are Flash, Optima, Photon, NYX and Dash. These electric scooters, with FAME II and additional State Government subsidies are now attractively priced.
Hero Electric Scooter Sales – Sep 2021
In June 2021, FAME II subsidies for electric bikes was increased from Rs 10,000 to Rs 15,000 per kWh battery capacity with overall subsidy cap doubled to 40 percent of the cost of the two wheeler. Thanks to increase in fuel prices, electric scooter demand is on the rise. This can be see in the sales report of Hero Electric for Sep 2021. Last month, they sold more than 6,500 High-Speed vehicles
Mr. Sohinder Gill, CEO, Hero Electric said, “Hero Electric has been on the forefront and leader in embarking the journey towards EV adoption in India. The industry has seen its biggest growth for EVs pertaining to the compressive approach and consumer-friendly policies, further propelling the demand for sustainable mobility solutions.
With the increased awareness and better infrastructure, Hero Electric achieved a larger sale volume and eyes upward growth trajectory in the coming months. We look forward to the festive season and are all geared to meet the rising electric two-wheeler demand in the country.”
Following special incentives being offered by the State Governments, Hero Electric noted a sharp increase in sales for the first half of this year. The company sold a total of 15,000 electric scooters in the first 6 months of 2021 which is 5 times higher as against 3,270 units sold in the same period of 2020.
July 2021 sales stood at 4,500 units, 10 times higher as compared to 399 units sold in July 2020. The company also saw increase in demand in July – Sep 2021 and a consistent growth in market share. Currently, Hero Electric commands 40 percent share in the electric two wheeler market.
Rising Demand, Increased Production
In view of rising demand, particularly so in the ‘City Speed’ segment, the company plans increase in capacity from a current 1 lakh units to over 5 lakh units by March 2022. Currently Hero Electric 13 electric two-wheeler across 6 platforms, divided into Low Speed (Comfort Speed or below 25 km/h) and City Speed (City Speed or around 40-45 km/h) categories.
Hero Electric will be expanding capacity of its new production unit in Ludhiana while the company states that it plans to subsequently add to production capacities of one million every year with production targets set at over five million (50 lakh) electric two wheelers per year by 2026 as the company looks forward to a tremendous boost in electric mobility.
Increased Dealerships and New Launches
As of September 2021, Hero Electric has a total of 339 dealerships across 162 cities in the country. Plans are afoot to enhance these dealerships while the company also plans launch of exclusive experience showrooms in major cities to help create more awareness of electric vehicles in India.
Naveen Munjal, MD, Hero Electric confirmed that the new Hero AE-47 electric motorcycle in the premium category, is ready for production. However with the current pandemic situation in the country, its launch has been delayed. The company plans to pay greater attention to launch of low cost electric two wheelers with the premium range pushed to a later date sometime in 2022.
Source: Bike - rushlane.com
