Naveen Munjal headed Hero Electric and Hero MotoCorp are currently in middle of a legal battle around the use of Hero brand
Hero Electric and Mahindra Group have joined hands to manufacture EVs for Indian, as well as the international markets. The duo will be working together to design and manufacture electric two wheelers. It is worth noting here that both the groups already have direct or indirect presence in the ICE category of two wheelers.
The partnership announced by the duo is worth Rs 150 crores and is valid till the next five years. Hero Electric, with help from Mahindra Group, aims to manufacture one million electric vehicles every year. There are plans to increase the numbers as well. Both the companies will be working together to expand Hero Electric’s already esicting Ludhiana, Punjab facillity. The duo will also work closely to develop and establish a local supply chain for sourcing EV components.
Mahindra Group will also be manufacturing some popular models of Hero Electric at Mahindra’s Pithampur Plant. Naveen Munjal headed Hero Electric and Hero MotoCorp are currently in middle of a legal battle around the use of Hero brand. Pawan Munjal had retained the Hero MotoCorp brand after the divison of the family business.
Hero MotoCorp had recently invested Rs 420 crore in EV brand Ather Energy. Prior to the proposed investment, Hero MotoCorp’s shareholding in Ather Energy was 34.8 percent. Post the investment, the shareholding will increase and the exact shareholding will be determined upon completion of capital raise round by Ather.
Hero MotoCorp is gearing up to unveil its first EV in March this year. The vehicle is being developed at the company’s R&D set-up – the Center of Innovation and Technology (CIT) in Jaipur and the Tech Center Germany (TGG) near Munich – and will be produced at the company’s manufacturing facility at Chittoor in the southern Indian state of Andhra Pradesh.