The country's largest two-wheeler maker Hero MotoCorp plans to expand its electric two-wheeler range over the next 18-24 months as it looks to cater to demand across multiple customer segments, according to a senior company official.
The company, which has already commenced sales of its electric scooter under Vida brand across Delhi, Bengaluru and Jaipur, plans to introduce the existing range in other cities as well in the next fiscal before it starts to roll out the new products. (ALSO READ: All you need to know about Xoom, Hero's first scooter of the year)
"With the launch in the three cities -- Delhi, Bengaluru and Jaipur -- where the customers are really taking up to the product and the overall sales and pre-sales experience...we are really ready to now multiply into many cities going into FY24 to establish ourselves wider into the market," Hero MotoCorp Head - Emerging Mobility Business Unit (EMBU)- Swadesh Srivastava said during an analyst call. (ALSO READ: Hero MotoCorp Q3 result: Net profit up by 2.41% to ₹721.24 crore)
Hero MotoCorp had launched VIDA V1 electric scooter in October last year in two variants Pro and Plus.
{{/usCountry}}Hero MotoCorp had launched VIDA V1 electric scooter in October last year in two variants Pro and Plus.
{{/usCountry}}The company produces the electric scooter at its Chittoor-based 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 the company has been able to establish the new brand in the market this fiscal year and it is now time to get into much wider markets next year.
"We are already going to launch a few more cities within this quarter and then a much wider nationwide expansion next year (fiscal) will happen with this product (Vida V1)," he stated.
In terms of the product portfolio, the brand has an accelerated plan where there will be products coming in various segments, Srivastava said.
"The mainstream, the mass segment as well, and that will help us cater to the different segments and different geographies," he noted.
The electric two-wheeler segment has been witnessing a tremendous growth in the country. As per FADA, the electric two-wheeler sales stood at 6,28,671 units last year, up four-fold as compared with 1,55,422 units in 2021.