Hero Electric to roll out 1 mn vehicles per year for next 2-3 years

NEW DELHI: Hero Electric on Wednesday said it is set to roll out over 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 Rs 85,000 and Rs 1.3 lakh, plans to set up a greenfield plant at Rajasthan with an annual production capacity of 20 lakh units with an investment of around Rs 1,200 crore. “We have worked closely with our partners to cater to the surging demand for EVs in the country. As a result, we are proud to announce that we are all set to roll out over 1 million vehicles annually from our manufacturing units,” Hero Electric MD Naveen Munjal said here at the launch of the new models. Asked when the company could touch the 10 lakh units per annum mark, he said it could be in the next two to three years.

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

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