The company plans to launch new products in mid-range and affordable segments this fiscal. Currently, Hero MotoCorp sells its VIDA electric scooter priced between Rs 1 and Rs 1.5 lakh, including government subsidies.
CEO Niranjan Gupta said that Hero MotoCorp is ready to accelerate its penetration in the electric two-wheeler market by introducing affordable models in the current economy. Already a leader in the two-wheeler industry in India, the company plans to expand its electric vehicles (EV) into international markets as well.
Niranjan Gupta addressed shareholders at Hero MotoCorp's Annual Report for 2023-24, outlining the company's rapid growth roadmap for its EV business. He stated that the goal is to establish dominance in electric vehicles by expanding the current VIDA V1 Pro with a strong electric product lineup.
It is anticipated that the company will introduce new products in the mid-range and affordable categories this financial year. At present, Hero MotoCorp's VIDA electric scooters are priced at INR 1-1.5 lakh, factoring in state subsidies.
Pawan Munjal, the Executive Chairman, emphasized the company's success in building a strong public charging network in partnership with Ather Energy. Munjal stated that Ather Energy and VIDA collaborated to create India's biggest public charging network for electric two-wheelers.
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Munjal also mentioned a partnership with Zero Motorcycle to develop new electric motorcycles targeting the premium segment of customers to expand the market. He added, "I am happy to see the VIDA V1 emerging as one of the leading electric motors in India, and I anticipate that in the future we will launch it in the global markets, where it is expected to become a major player as well."
Hero MotoCorp has now expanded its VIDA electric scooter presence from three cities to over 100 cities. Gupta pointed to continuous innovation at its R&D centers at CIT Jaipur and the German Technology Center, which aims to create a portfolio of winning products across all sectors.
The company also plans to introduce more premium products and expand its international accessories and merchandise business. Despite Hero MotoCorp's strong local presence, the company is on track to expand its global operations, with special focus on the top 10 global markets, Gupta said.
Furthermore, Gupta mentioned that we are seizing chances to expand our accessories and merchandise sector.
When it comes to premium products, Gupta mentioned the company's recent introduction of luxury models and assured that more launches will follow in the future. "We plan to introduce additional high-quality products in the upcoming years." He highlighted the importance of speed, scale, synergy, and simplification to the company.
Gupta states that our advanced portfolios of ICE and EV will experience rapid growth, maintaining a strong focus on innovation.
Hero MotoCorp has a customer base of 116 million, operates in over 7,500 distribution points, has a supply chain capacity of 10 million units, is present in around 50 global markets, and has a workforce of over 25,000 employees and also enjoys significant economies of scale. Using this scale is the key to success in everything we do. We adopt this slogan of scale in every decision we make.
The company has accelerated product development and modernized its sales network to keep pace with evolving global and consumer trends. Noting the importance of speed in his strategy, Gupta said: “Embracing speed is crucial as we are changing global trends and consumers rapidly. We are now focusing on reducing manufacturing time for our products and increasing speed through decentralized decision making.” As much as the actions are built there.”
Hero MotoCorp remains committed to staying ahead of the curve through rapid innovation and strategic expansion, both domestically and internationally, as it seeks to strengthen its leadership position in the evolving electric bike market.
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