Hero MotoCorp will be launching its first electric two-wheeler in 2021, as stated by the company’s Chairman Dr. Pawan Munjal, in an interview with CNBC-TV18.
The company is looking to invest Rs 10,000 crore for research and development of alternate mobility solutions and building sustainable manufacturing facilities.
Though it is not in the EV segment directly yet, Hero MotoCorp has established a presence through its investment in Ather Energy. Hero is looking in developing a wide range of products for its electric range and is also open to partnerships. The country’s largest two-wheeler brand will also be concentrating on scooter and premium motorcycle segments, where it has a very small market share. Hero’s market share is built up by products like the Splendor, Passion and the HF which are in the 100 cc class.
Over the next 5-7 years, we are aiming to create the next generation of mobility solutions that are relevant to customers across the world. To this end, we have earmarked an investment of Rs. 10,000 Crore along with our ecosystem, which will be utilized towards research and development of alternative mobility solutions, modern, state-of-the-art, sustainable manufacturing facilities, network expansion, and brand building across the globe.Dr. Pawan Munjal, Chairman of Hero MotoCorp
Earlier this year it was speculated that Hero could be reviving the Duet E electric scooter project that was presented at the Auto Expo 2016, to challenge the Bajaj Chetak, TVS i-Qube and the Ather 450 series. An educated guess is that Hero would begin its electric vehicle era by launching a scooter for about INR 1 lakh, and follow it up with motorcycles and mopeds.