Hero Electric to infuse INR 700 crore over the next three-four years to increase its plant capacity from 75,000 units to 10 lakh units
Hero Electric accounted for 53,500 units. In the 14 years, it has been in business, Hero Electric has sold 3.5 lakh electric scooters across the country
After finding success with Hero Cycles and Hero MotoCorp, the Munjal family started Hero Electric in 2007. Today, it has captured 65 percent of the market share in the Indian electric two-wheeler market and claims to have sold 50,000 electric bikes and scooters last year.
Initially, the brothers set up Hero Cycles in Ludhiana in 1956. The business, which started small, went on to become the largest single bicycle maker in the world.
Another Hero entity set up by them – Hero MotoCorp (formerly Hero Honda) – won over the motorcycle and scooter market in India. The company became the largest two-wheeler manufacturer in the world capturing 46 percent of India’s two-wheeler market.
Their market research gave them confidence that electric two-wheeler adoption in India will be possible in the long term. They started developing an electric two-wheeler business as early as 2000, and in 2007, they formally launched Hero Electric as a separate company.
According to an estimate, by 2019, Hero Electric captured 65 percent market share in the Indian electric two-wheeler market. The company claims to have sold 50,000 vehicles last year.
More about Hero Electric : https://heroelectric.in/
Interesting story and journey of Hero Electric : Read more at: https://yourstory.com/smbstory/hero-electric-ev-two-wheeler-bike-scooter