Hero Electric set to roll out over 10 lakh vehicles annually in next two-three years

New Delhi: Hero Electric said on Wednesday that it will launch more than 10 lakh vehicles annually in the next two to three years from its manufacturing units in India. The company, which launched new versions of its three electric scooter models priced between INR 85,000 and Rs 1.3 lakhs, plans to set up a greenfield plant at Rajasthan with an annual production capacity of 20 lakh units with an investment of about INR 1,200 crore.

"We have been working closely with our partners to cater the growing demand for electric vehicles in the country. As a result, we are proud to announce that we are set to launch more than 1 million vehicles annually from our manufacturing units." Hero Electric managing director Naveen Munjal said here at the launch of the new models.

Asked when the company might hit the 10 lakh mark in a year, he said it could be in the next two to three years.

In the ongoing fiscal, the company expects to end up with sales of more than 1 lakh, and in 2023-24 it could be around 2.5 lakh.

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He said the electric two-wheeler market is currently experiencing strong growth and Hero Electric is bullish on a sharp growth rate.

The company is currently setting up a new factory at Ludhiana.

Also, through its strategic partnership with Mahindra Group, for a joint venture facility in Pitampura, Madhya Pradesh, the company now has a manufacturing capacity of 5 lakh units.

Hero Electric plans to set up a new plant in Rajasthan with an annual production capacity of 20 lakh units.

Hero Electric has cumulatively sold over 6 lakh units in its 15 years of presence in the Indian market.

The company launched its new Optima CX5.0 (dual battery), Optima CX2.0 (single battery) and NYX (dual battery) models.

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