Hero MotoCorp plans to launch an electric 2-wheeler in the fourth quarter (Q4) of FY22, joining Bajaj Auto, TVS Motor, Ather Energy, among others in the EV space.
The market leader is working on both fixed-battery electric vehicles and swappable battery 2-wheelers. The latter is being developed with Hero MotoCorp’s Taiwanese partner Gogoro.
Hero’s first electric 2-wheeler is expected to be based on the Maestro Edge scooter. However, the brand is also said to be working on an battery-powered motorcycle internally called the e.US (Electric Ultra Sport) which might make it to the market first.
Future Hero electric 2-wheelers sold in India will be powered by Gogoro’s battery swapping network that will be established in due course of time.
In effect, the manufacturer could also launch rebadged Gogoro scooters apart from its own models, but nothing is concrete as of now.
In the second half of 2020, Hero’s CEO Pawan Munjal told stakeholders that its electric 2-wheeler launch preparations are on schedule.
However, due to a family pact the Hero electric 2-wheeler launch is likely to happen under a different brand name, which will be revealed close to the introduction of its first electric 2-wheeler.
The company plans to spend Rs. 800-1000 crores in FY22 as capex, which may be reviewed based on the impact of the partial lockdown felt in the June quarter. In FY21, the firm spent Rs. 600 crores.
At present, Hero’s manufacturing facilities are shutdown until 16th May 2021. The brand began halting operations at its factories in a staggered manner from 22nd April. It hopes the market will be back on its feet in Q2 FY22.
Source – Moneycontrol.com