Hero MotoCorp expands electric model range to reach wider audience

Hero expands portfolio: In a move to broaden its footprint in the electric two-wheeler market, Hero MotoCorp is set to introduce new models targeting a diverse customer base, revealed a senior company official.

The country's largest two-wheeler manufacturer presently offers two electric scooters under its Vida range, priced between Rs 1 lakh and Rs 1.5 lakh.

Chief Business Officer of Emerging Mobility BU at Hero MotoCorp, Swadesh Srivastava, disclosed plans for expansion during an analyst call, stating, "We are expanding our portfolio in the first half of this year (current fiscal) into the mid and mass segments as well."

Srivastava stressed on the company's endeavour to cater to the premium, mid, and mass segments with the introduction of new products, expecting significant growth and an enhanced cost structure.

Hero MotoCorp expects substantial growth in the electric vehicle (EV) segment this year and the next, driven by portfolio diversification and geographical expansion. The VIDA brand has already extended its reach to over 120 cities and 180 touchpoints across India.

Additionally, Hero MotoCorp has collaborated with Ather Energy to establish an interoperable charging network, offering over 2,000 charging points across 200 cities.

In a bid to strengthen its global presence, VIDA is poised to debut in European and UK markets in FY25.

Responding to inquiries, Hero MotoCorp CEO Niranjan Gupta affirmed the company's capex guidance for the current fiscal, remaining between Rs 1,000 crore and Rs 1,500 crore. Gupta hinted at forthcoming product launches, including the Xoom 125 and Xoom 160 scooters, with further ventures into the premium segment.

Gupta expressed confidence in Hero MotoCorp's trajectory, asserting readiness for accelerated growth in FY25 and beyond.

(With PTI inputs)