NEW DELHI, Nov 24: Hero MotoCorp and its US-based partner Zero Motorcycles are in the advanced stage of developing a mid-sized performance segment electric motorcycle, according to a top company executive.
California-based Zero Motorcycles specialises in electric motorcycles and powertrains. In September 2022, Hero MotoCorp’s board approved an equity investment of up to USD 60 million in the company.
In 2023 the companies announced collaboration for the development of premium electric bikes. “As far as EV motorcycles … we are developing in partnership with Zero Motorcycles..it (bike) will be coming in the middle-weight segment,” Hero MotoCorp CEO Niranjan Gupta said in an analyst call.
He further said: “I would say it’s in the advanced stage. We haven’t announced the timeline as yet, but we would be looking at something which would not be too far off.”
The bike will come in the performance segment, Gupta stated.
The company is also expanding its electric scooter range covering multiple price segments of this calendar year.
“So basically, within six months, we would have covered most of the price and the customer segment as far as EV scooters are concerned,” Gupta stated.
Hero MotoCorp’s current VIDA electric scooter range is currently priced between Rs 1-1.5 lakh, including state subsidies. The company sells the VIDA range in over 230 cities and towns in the country, with over 400 sales touchpoints.
Hero MotoCorp is also hopeful that its electric products will be compliant with the PLI scheme in FY26.
On the overall business outlook, Gupta stated: “The economy, I think, is on a more positive trajectory than earlier, clearly, and we are very optimistic about the outlook of the economy in general and the auto sector, in particular. So overall, I would say the festive cheer will continue even beyond the festive season.
Replying to a query related to the company’s overseas business, he stated that the two-wheeler major is seeing good traction coming from markets like Colombia and Mexico.
“In fact, Colombia delivered their first quarter of a bottom-line turnaround. They are cash and EBITDA positive for the first time. And of course, then we see traction coming from Mexico and from some of the other countries as well,” Gupta said.
There are countries that need to fire more like Bangladesh, Turkey and Nigeria, he added.
“I think our disproportionate focus on growing the top ten countries while nurturing the rest of the countries and making selective entries into some of the markets, is starting to play out well,” Gupta said. (PTI)
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