New Delhi

Hero MotoCorp, India's leading two-wheeler manufacturer, is gearing up to expand its footprint in the electric vehicle (EV) market. CEO Niranjan Gupta has announced plans to introduce more affordable electric models during the current fiscal year, with an eye on both domestic and international markets.

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In the company's Annual Report for 2023-24, Gupta outlined an ambitious growth strategy for Hero MotoCorp's EV business. The company aims to build a diverse and powerful EV product portfolio, expanding beyond its current offering, the VIDA V1 Pro. New products in the mid-range and affordable segments are slated for launch this fiscal year, potentially broadening the company's appeal beyond its current VIDA electric scooter range, which is priced between INR 1-1.5 lakh (including state subsidies).

Executive Chairman Pawan Munjal highlighted the company's progress in developing charging infrastructure. In partnership with Ather Energy, VIDA has established what is claimed to be India's largest public charging network for two-wheeler EVs. Munjal also mentioned a collaboration with Zero Motorcycle to develop new EV motorcycles targeting a different customer segment.

Hero MotoCorp has significantly expanded the presence of its VIDA electric scooter from just three cities to over 100. The company is actively innovating at its R&D centres in Jaipur and Germany to create a competitive product lineup across all segments.

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Beyond EVs, Hero MotoCorp plans to introduce more premium products and grow its international, accessories, and merchandise businesses. Gupta emphasized the company's intention to scale up global operations, focusing on the top ten markets worldwide.

The company's strategy revolves around four key principles: speed, scale, synergy, and simplification. Hero MotoCorp boasts significant advantages in scale, with 116 million customers, over 7,500 distribution points, a supply chain capacity of 10 million units, a presence in about 50 global markets, and a workforce exceeding 25,000 employees.

To keep pace with rapidly evolving global and consumer trends, Hero MotoCorp has accelerated its product development processes and upgraded its sales network. The company is focusing on reducing time-to-market for new products and enhancing decision-making speed through decentralisation.

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As Hero MotoCorp navigates the transition to electric mobility, it remains committed to innovation and strategic scaling, both in India and internationally. The company aims to leverage its existing strengths while adapting to new market dynamics, positioning itself to maintain its leadership in the evolving two-wheeler industry.