Hero MotoCorp’s first electric motorcycle could be a premium model, priced in the range of Rs 4-5 lakh, and the automaker is likely to showcase its first model in the next 2-3 years. The company will also expand its Vida electric scooter lineup with two new models in the next financial year, in addition to a new electric scooter for B2B last-mile connectivity.
Currently, Hero MotorCorp has only one electric vehicle its its portfolio – Vida V1 Pro.
“Hopefully when the next Hero World happens, you should see some of the electric motorcycle concepts or bikes as well. But it will be in the higher performance segment, like the 450cc equivalent bikes. It will not be economical or in the commuter segment. Bikes in the range of Rs 4-5 lakh, that is what you are going to see,” the Chief Executive Officer Niranjan Gupta told reporters today on the sidelines of biennial Hero World 2024.
Gupta believes that the electrification of motorcycles will take a longer period, unlike the scooter segment, as the powertrains of the electric variant required to meet the range and the power of the normal motorcycles are costly. “The only case for EV in motorcycles is high-performance models where customers can pay a price of Rs 4-10 lakh.
Hero MotoCorp has partnered with California-based Zero Motorcycles to develop premium electric motorcycles. The Indian two-wheeler maker has made an equity investment of up to USD 60 million (Rs 484 crore) in Zero Motorcycles under this partnership.
“It’s not about just launching that (high-performance) product. It’s also then we use that powertrain, understand that, and later on see the application of that at a lower version to commuter motorcycles. So that’s why we have tied up with Zero,” Gupta said.
Charging EV Play
Hero MotoCorp, the world’s largest manufacturer of scooters and motorcycles, has been slow in expanding its market in the electric vehicle space. The company has been focusing more on expanding the charging infrastructure.
Gupta said the company will launch three electric scooters in 2024-2025. “Over the next 12 months or fiscal year 2025, we will launch a mid-priced scooter and an economically priced scooter through the VIDA range,” he said.
The third electric scooter will be a business-to-business product, with an eye on the growing last-mile connectivity.
Meanwhile, Hero MotoCorp has increased Vida’s retail presence to over a 100 cities , and plans to further expand it to a 100 more next year.
At the end of the July -September quarter, Gupta said Vida sales were over 2,000 units per month on average, and was focusing for on building the infrastructure.