The company plans to introduce new electric offerings under its brand VIDA in the first half of the current year
The automaker said that the new launches would be aimed at expanding its presence in the electric two-wheeler segment and cater to a broader set of customers
The renewed push for EVs within Hero comes at a time when Ola Electric continues to dominate all other players in the electric two-wheeler market
Amid intensifying competition from Ola Electric, automaker Hero MotoCorp plans to expand its presence in the electric vehicle (EV) space with new “mid and mass” offerings.
Speaking during an analyst call, the head of Hero MotoCorp’s emerging mobility business unit Swadesh Srivastava said that the company plans to introduce new electric offerings under its brand VIDA in the first half of the current year.
He added that the new launches would be aimed at expanding the company’s presence in the electric two-wheeler segment. It is pertinent to note that Hero currently sells electric two-wheelers, under the VIDA brand, in the range of INR 1 Lakh to INR 1.5 Lakh.
Srivastava said that VIDA (both independently as well as in partnership/ interoperability with Hero-backed Ather) has been setting up charging infrastructure, which now spans 2,500 points across 200 cities.
“… We are expanding our portfolio in the first half of this year into the mid and the mass segments as well… This year with these product additions, we are going to really be able to play in each of the three segments of premium, mid and mass. With this, we are looking at significant growth within this year… As I mentioned earlier, we will also be improving our cost structures,” Srivastava said.
Without specifying any projections, the senior company executive said that the EV brand was looking at “huge” years in terms of growth in 2024 and 2025. “I am not setting any expectation, but I can tell you that we are looking at steep growth this year and next year, based on the portfolio and the geographical expansion,” Srivastava added.
The renewed push for EVs within Hero comes at a time when Ola Electric continues to dominate all other players in the electric two-wheeler market. The Bhavish Aggarwal-led company has been rapidly diversifying its product mix while announcing launches across all three segments — premium, mid and mass.
Not just this, Ola Electric’s in-house R&D capabilities, manufacturing plant and branding push offer it multiple advantages. As a result, Ola Electric has been consistently topping charts in terms of EV sales for the past many months. For instance, the EV major sold 33,062 units last month while TVS Motor (the second spot holder) could sell only 7,653 units in April.
On the other hand, Hero-backed Ather Energy sold just 4,052 units in April while Hero Electric sold a mere 278 vehicles during the same period.
The company’s plans to expand its product offerings also come at a time when the Centre is reportedly working on new initiatives to increase EV sales in the country. Notably, the Ministry of Heavy Industries (MHI) is working to set up a task force to create a roadmap for the EV industry to boost vehicle electrification.
