Hero MotoCorp, Zero Motorcycles in advanced stages of bike development

25 Nov 2024 CW Team

Hero MotoCorp and its US-based partner Zero Motorcycles are in the advanced phase of developing a mid-sized electric motorcycle targeting the performance segment, according to Hero MotoCorp CEO Niranjan Gupta. California-based Zero Motorcycles, known for its electric bikes and powertrains, received an equity investment of up to $60 million from Hero MotoCorp in 2022.

In 2023, the companies announced their collaboration to create premium electric motorcycles. Gupta highlighted that while no launch timeline has been confirmed, the new bike is not far from being introduced to the market.

Hero MotoCorp is also focusing on expanding its electric scooter lineup across various price segments. The company’s VIDA electric scooter range, priced between Rs 100,000-150,000 (including state subsidies), is now available in over 230 cities through 400 touchpoints. Gupta expects the company's EV products to align with the government's PLI scheme by FY26.

On the international front, Hero MotoCorp reported growth in key markets like Colombia, which achieved cash and EBITDA positivity for the first time, and strong traction in Mexico. However, countries like Bangladesh, Turkey, and Nigeria require more focused efforts. Gupta stated that the company’s strategy of prioritising growth in its top ten markets while selectively entering new ones is beginning to yield positive results.

Gupta also expressed optimism about India’s economic trajectory and the auto sector, stating that the festive cheer in the market is likely to persist. (ET)

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