facebook
AD

Hero Electric eyeing to invest Rs 700 crore in three years

Authors Image

Anuj Mishra

18,457 Views
Hero Electric eyeing to invest Rs 700 crore in three years

- Hero Electric planning to invest Rs 700 crore in the next three years

- To invest in ramping up production, expanding product portfolio and dealer network

- Considers entry of Bajaj in the electric segment as a positive sign

The homegrown electric two-wheeler manufacturer, Hero Electric, is planning to invest Rs 700 crore on its expansion plan in the next three years. The company will be majorly investing in the development of new products, ramping up the manufacturing capacity and expansion of its dealership network across India. 

The investment plan was revealed by the Managing Director of Hero Electric, Naveen Munjal, in an interview with ETAuto. Besides sharing the expansion strategy, the top honcho also showed optimism about the growth of electric two-wheeler market in the near future. Notably, the last few months have been tough for the electric segment owing to the introduction of new homologation norms under the FAME II scheme. 

Hero Electric Optima Hero Electric

Subsequently, speaking of Bajaj’s recent venture into the segment, Munjal said that the entry of such major manufacturers in the territory will bring along a ‘positive development’ and it is a sign that more and more petrol-powered two-wheelers will be replaced by electric ones sooner than later. 

Hero Electric Optima Hero Electric

As we had reported in December last year, Hero Electric had raised Rs 160 crore from a Mumbai-based investment management company, Alpha Capital Advisors. The company is looking forward to raise more such funds from external investments as well as internal revenues. Currently, the company has one manufacturing plant in Ludhiana while it is studying different locations for setting up more facilities. Also, the company had opened seven new dealerships in May this year, spanning different cities across the country. It plans to expand it further in the months to come.

Source

Hero Electric Optima Gallery

  • Hero Electric Optima Front Three-Quarter
  • Hero Electric
  • other brands
Hero Electric Optima CX
Hero Electric Optima CX
₹ 83,315Onwards
Avg. Ex-Showroom price
Show price in my city
Hero Electric Atria
Hero Electric Atria
₹ 77,690Onwards
Avg. Ex-Showroom price
Show price in my city
Hero Electric Photon
Hero Electric Photon
₹ 1,10,839Onwards
Avg. Ex-Showroom price
Show price in my city
AD

Featured Scooters

  • Popular
  • Upcoming
TVS Jupiter
TVS Jupiter
₹ 78,030Onwards
Avg. Ex-Showroom price
Show price in my city
TVS Ntorq 125
TVS Ntorq 125
₹ 94,187Onwards
Avg. Ex-Showroom price
Show price in my city
Honda Activa 6G
Honda Activa 6G
₹ 79,329Onwards
Avg. Ex-Showroom price
Show price in my city
Honda Activa Electric
LAUNCHING SOON
Nov 2024
Honda Activa Electric

₹ 1,00,000

Onwards
27th Nov 2024Expected Launch
Hero Destini 125
Hero Destini 125

₹ 83,000

Onwards
Nov 2024 (Tentative)Expected Launch
Lambretta V125
Lambretta V125

₹ 80,000

Onwards
Jul 2025 (Tentative)Expected Launch

Hero Electric Optima Price in India

CityOn-road Price
Mumbai₹ 55,615
Bangalore₹ 56,173
Delhi₹ 55,615
Pune₹ 55,615
Hyderabad₹ 55,658
Ahmedabad₹ 55,615
Chennai₹ 55,615
Kolkata₹ 55,615
Chandigarh₹ 55,595
AD
  • Home
  • News
  • Hero Electric eyeing to invest Rs 700 crore in three years