Hero MotoCorp recently forayed into the electric two-wheeler business with the Vida brand. The country’s largest two-wheeler brand is also the world’s largest two-wheeler manufacturer. Well, the company is now preparing to grab a bigger stake in the electric two-wheeler business as well. Hero MotoCorp is looking to launch a range of electric two-wheelers in the country in the next two years to expand its range, a senior company official revealed. Currently, Hero MotoCorp sells its Vida range of electric scooters in a total of two variants in Delhi, Bengaluru and Jaipur. And, it is looking to introduce more models across a large sales and service network.
“With the launch in three cities – Delhi, Bengaluru and Jaipur – where customers are really taking the product and the overall sales and pre-sales experience… We are now really set to multiply across multiple cities to market ourselves in FY24 To set up widely in the US,” Hero MotoCorp Head – Emerging Mobility Business Unit (EMBU) – Swadesh Srivastava said during an analyst call.
Hero MotoCorp launched the VIDA V1 electric scooter in two variants Pro and Plus in October last year.
The company produces electric scooters at its Chittoor plant in Andhra Pradesh and competes with the likes of Bajaj Chetak, TVS iQube, Ather Energy, Hero Electric and Ola Electric, among others. Srivastava said that the company has been successful in establishing the new brand in the market this financial year and now the time has come to enter the wider markets next year.
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“We are already going to launch few more cities within this quarter and then next year (fiscal) will have a massive nationwide expansion with this product (Vida V1),” he said. Srivastava said that in terms of product portfolio, the brand has a quick plan where there will be products coming in different segments.
“Mainstream, mass segment as well, and this will help us to cater to different segments and different geographies,” he added. The electric two-wheeler segment is witnessing tremendous growth in the country. According to FADA, sales of electric two-wheelers stood at 6,28,671 units last year, a four-fold increase from 1,55,422 units in 2021.
With agency inputs.