Hero Electric is planning to increase the electric vehicle manufacturing capacity of its existing plant in Ludhiana from 75,000 to 3 lakh units per annum.
Hero Electric Vehicles will invest Rs 700 crore to accelerate the expansion of its business by the year 2025. It also includes plans to set up a new manufacturing unit, for which it has raised Rs 220 crore so far.
The company is planning to increase the electric vehicle manufacturing capacity of its existing plant in Ludhiana from 75,000 to 3 lakh units per annum. Apart from this, it is also planning to set up a new factory with a capacity of 10 lakh vehicles. This plan is being made according to the company’s target of annual sales of about 10 lakh electric-vehicles by 2025-26.
In addition, the company is also accelerating the expansion of its supply chain, service network and charging stations as well as research and development (R&D), marketing, dealer network expansion. The company is doing this to take advantage of the ‘sharp growth’ in the demand for its electric two-wheelers.
The figure may increase by more than Rs 700 crore
Hero Electric Managing Director Naveen Munjal said, “The figure of investment of Rs 700 crore can also be increased. We want to have a supplier base near the new factories and being near the port will help us in exports. A major part of this production will be for the domestic market.”
After the rise in petrol prices, the demand for electric two wheelers has increased significantly. Along with this, their price has also been cut after the subsidy of FAME II, after which it is expected that the demand for electric two-wheelers may increase further. Last year, the sales of electric two-wheelers in the country were more than 1.3 lakh units, which is expected to increase to 3 lakh units this year.
After the subsidy revision of FAME II, the company reduced the price of the scooter
After the amendment in FAME II scheme, Hero Electric has cut its scooter by Rs 28,000. The company has now reduced the price of Photon HX to Rs 71,449 which was earlier Rs 79,940. The price of this scooter has been cut by about Rs 8,491. Apart from this, the price of Optima ER electric scooter has been cut by about Rs 19,660 which has now become only Rs 58,980. Whereas earlier the price of this scooter was Rs 78,640.
The highest discount is being given to the customers on the triple battery model of Hero Nyx HX. The price of this electric scooter has been cut by Rs 27,979. Now the price of this scooter has become only Rs 85,136 which was earlier Rs 1,13,115.
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