Hero Electric to invest ₹500 cr in 5 years to expand ops

- Advertisement -

Hero Electric on Friday said it plans to invest ₹500 crore over the next five years to expand its manufacturing capacity as well as R&D infrastructure.

Image for representational purpose only

The company, which is a leading player in the electric two-wheeler space, plans to set up a new manufacturing facility in south India this year.

It also plans to expand manufacturing capacity at its Ludhiana plant next year as part of its aim to bolster production capacity of electric vehicles.

- Advertisement -

At present, the plant has a capacity to roll out 40,000 units per annum.

“We plan to come up with a plant in south India this year. It will be more of an assembly plant but with three times more capacity than Ludhiana. Next year, we aim to expand the Ludhiana capacity as well. So with all this manufacturing activity, we are looking at an investment of around ₹500 crore over the next five years,” Hero Electric Managing Director Naveen Munjal told PTI.

The company sold around 15,000 units in 2016-17 and has already crossed over 26,000 units mark in the current fiscal.

It is targeting to sell 75,000 units in the next financial year, Munjal said.

“By 2023, we aim to sell around 5 lakh units per annum,” he added.

Expansion plans

The company is also looking to expand its sales network with plans to have 450 dealers before 2020. It currently has 350 dealers across the country.

As part of its expansion plans, the company will also roll out 6-8 new electric vehicles during the year. It unveiled three new products on Friday, which it plans to launch later this year.

“The AXLHE-20 is a high speed e-bike that promises the perfect blend of performance and efficiency. On the other hand, A2B Speed and Kuo Boost are premium electric bicycles that cater to upwardly mobile youth who value adventure and fitness,” Munjal said.

AXLHE-20 can reach a top speed of 85 kms per hour and has a range of up to 110 km on a single charge. The lithium ion batter on the bike can be charged from empty to full in around 4 hours.

A2B Speed comes with a range of 70 kms along with a top speed of 45 kms per hour. Similarly, A2B Kuo Boost has a top speed of 32 km/hour and a range of 60 kms per charge.

The products are part of the company’s plans to double sales every year over the next five years.

(Source: PTI)

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Buzz

US Aiming to Regain its Semiconductor Leadership

0
Semiconductors are now finding a rightful place in all areas such as national security, information technology, aerospace, and so forth. What is sad is...

Tata Motors And SBI Come Together For EVs

0
India’s largest Public Sector bank, State Bank of India has joined hands with Tata Motors in the space of electric vehicles. Tata Motors, leader...

Ending The Redundancy In The Indian Charging Space

0
Keen on de-cluttering the home and office space, the government is chewing over the idea of having a common charger for all devices. It...

Exclusive

US Aiming to Regain its Semiconductor Leadership

0
Semiconductors are now finding a rightful place in all areas such as national security, information technology, aerospace, and so forth. What is sad is...

Tata Motors And SBI Come Together For EVs

0
India’s largest Public Sector bank, State Bank of India has joined hands with Tata Motors in the space of electric vehicles. Tata Motors, leader...

Ending The Redundancy In The Indian Charging Space

0
Keen on de-cluttering the home and office space, the government is chewing over the idea of having a common charger for all devices. It...

Important Sectors

US Aiming to Regain its Semiconductor Leadership

0
Semiconductors are now finding a rightful place in all areas such as national security, information technology, aerospace, and so forth. What is sad is...

Tata Motors And SBI Come Together For EVs

0
India’s largest Public Sector bank, State Bank of India has joined hands with Tata Motors in the space of electric vehicles. Tata Motors, leader...

Ending The Redundancy In The Indian Charging Space

0
Keen on de-cluttering the home and office space, the government is chewing over the idea of having a common charger for all devices. It...

India Semiconductor Mission: India Needs To Do Enough To Sit On The World Table

0
The government’s strong foot forward with regards to the semiconductor space was a much-needed move and, although late, it is expected to herald the...

Kirloskar Introduces Advanced IoT-Based KirloSmart

0
Kirloskar Brothers Ltd (KBL) recently launched an advanced and upgraded version of its IoT-based pump monitoring system, KirloSmart. It is already a first-of-its-kind IoT-based...

Manufacturing

US Aiming to Regain its Semiconductor Leadership

0
Semiconductors are now finding a rightful place in all areas such as national security, information technology, aerospace, and so forth. What is sad is...

Ending The Redundancy In The Indian Charging Space

0
Keen on de-cluttering the home and office space, the government is chewing over the idea of having a common charger for all devices. It...

Syrma SGS Gets Rs 252 Crores Before IPO

0
With its Initial Public Offering (IPO) opening today, the Electronic manufacturing services (EMS) firm Syrma SGS Technology has already raised Rs 252 crore from...
Drone

Army Looking For Indigenous Combat Drones

0
In view of the Make in India policy of the Indian government, the Indian Army has launched a programme called ‘Him Drone-a-thon’. Drone Federation...

New Policy Push For Floating Solar Projects

0
A new policy for Solar energy is underway, which would incentivise investment in floating solar power generation. Though the technology needed is expensive, it...