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

- Advertisement -
- 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
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

“Our Goal is to Offer 1000 To 1500 Varieties, With Volumes Ranging From 10000...

0
During a chat with Nitisha Dubey from EFY, Mohammed Iqbal, CEO of Technomake Electronics Pvt Ltd, talks about PCB assembly and major customer focus...

India, China Grow Amid First Global Cellular IoT Module Shipments Annual Decline

0
Several companies started local manufacturing in India. 4G Cat 1 bis emerged as the fastest-growing segment. Around 12% of the modules shipped in...

“More Chargers Provide Security And Confidence To Customers, Encouraging EV Adoption”

0
With an agenda to transform the EV industry, EarthtronEV has established 250+ charging stations on major highways across India. The company aims to interconnect...

Buzz

TSMC

SmartSoC To Provide Chip Design Services Through TSMC’s Design Alliance

0
SmartSoC solutions will provide chip design services and system-level solutions, making it easier for customers to adopt TSMC's technology. Chip design services provider SmartSoC Solutions...

Montra Electric Boosts Amritsar’s Green Mobility with RAAHI Project

0
The initiative is a component of the City Investments to Innovate, Integrate, and Sustain (CITIIS) program, which falls under the auspices of the Ministry...

BYD Delays Vietnam EV Factory Plans

0
Vietnam's government announced in May that BYD plans to construct a facility for manufacturing and assembling electric cars in Phu Tho, a northern Vietnamese...

Important Sectors

Microchip Technology Expands TrustFLEX Family With CEC1736 Real-Time Platform Root Of Trust Devices

0
TrustFLEX devices along with the Trust Platform Design Suite tool will simplify the enablement of root of trust from concept to production in wide...
TSMC

SmartSoC To Provide Chip Design Services Through TSMC’s Design Alliance

0
SmartSoC solutions will provide chip design services and system-level solutions, making it easier for customers to adopt TSMC's technology. Chip design services provider SmartSoC Solutions...

India, China Grow Amid First Global Cellular IoT Module Shipments Annual Decline

0
Several companies started local manufacturing in India. 4G Cat 1 bis emerged as the fastest-growing segment. Around 12% of the modules shipped in...

Montra Electric Boosts Amritsar’s Green Mobility with RAAHI Project

0
The initiative is a component of the City Investments to Innovate, Integrate, and Sustain (CITIIS) program, which falls under the auspices of the Ministry...

BYD Delays Vietnam EV Factory Plans

0
Vietnam's government announced in May that BYD plans to construct a facility for manufacturing and assembling electric cars in Phu Tho, a northern Vietnamese...

Manufacturing

BYD Delays Vietnam EV Factory Plans

0
Vietnam's government announced in May that BYD plans to construct a facility for manufacturing and assembling electric cars in Phu Tho, a northern Vietnamese...

JLR To Hire 250 Electrical Technicians For Future EVs

0
These new roles, part of a £15 billion investment, are in addition to 300 positions created last year by the British car maker. Jaguar Land...

Altmin India Partners With WMG To Advance Battery Tech

0
Altmin and WMG will collaborate to strengthen their global battery materials supply chain position by optimizing cathode materials and developing diverse cell designs across...

EVs To Cost Less Than Gas Vehicles by 2027, Says Gartner

0
Gartner predicts a faster decline in production costs compared to battery costs, which represent the most significant expense in an electric vehicle, accounting for...
MG

MG Motor To Set Up Battery Assembly Unit At Halol Facility

0
The company plans to investigate battery cell production in collaboration with external partners. Automaker MG Motor India is actively exploring the possibility of assembling and...