December 04, 2022

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Hero MotoCorp partners Taiwan’s Gogoro to develop EV & battery swap stations 

Hero  MotoCorp

Hero MotoCorp partners Taiwan’s Gogoro to develop EV & battery swap stations 

World’s leading two-wheeler manufacturer Hero MotoCorp has announced a partnership with a battery-swapping platform Gogoro. With this partnership, HeroCorp will launch electric vehicles using Gogoro’s technology. The Taiwanese electric two-wheeler maker Gogoro aims to increase the shift to sustainable electric mobility in India. The Hero branded electric vehicles will be powered by the Gogoro Network vehicles.

Hero  MotoCorp

After the global pandemic hit, the sales of electric vehicles have surged. In fiscal 2021, over 40,000 electric two-wheelers were sold in the country against less than 25,000 units in the previous fiscal.

Hero  MotoCorp

The Hero MotoCorp has also invested in EV start-up Ather where it is the largest shareholder with a 35 per cent stake. The Hero MotoCorp Chairman and CEO, Pawan Munjal said that this is another milestone in their journey and with the parntership of Taiwanese company their global scale will be increased with the Gogoro experience and leadership in swapping business model.

He also said that this joint venture will extend the works including the R&D hubs at the Centre of Innovation and Technology (CIT) in Jaipur and Tech Centre in Germany.

“The vision and commitment of Hero and Gogoro are perfectly aligned towards the common goal of accelerating the shift to smart, sustainable electric mobility in India, and around the world. With this new partnership, we commit to introducing a sustainable mobility paradigm, first in India and then in other markets around the world. This partnership will strengthen and expedite the Indian government’s electrification drive and will have a significant impact on India’s energy and mobility future.”

“We are at a critical stage in the transformation of urban mobility and the evolution of smart cities. With more than 225 million gas-powered two-wheel vehicles in India, the need for smart and sustainable electric transportation and refuelling is vital,” said Horace Luke, founder, and CEO, Gogoro. 

Gogoro has more than 2,000 GoStations in Taiwan and it facilitates over 2,00,000 battery swaps. it has already sold more than 3,65,000 smart electric scooters.

Hero MotoCorp and Harley-Davidson partnership

Last year the Hero MotoCorp and Harley-Davidson had announced a partnership for the Indian market to develop its presence in the premium bike segment. It aims to build a complete portfolio in the segment. It is also in the process to develop electric two-wheelers for both mass and premium segments. But still, the company has not shared anything about its EV launch in India. 

 $1 million investment in Ola Electric Mobility

Hero MotoCorp had also invested about $1 million in Ola Electric Mobility through his family trust. Pawan Munjal is one of the foremost global corporate leaders and his Family Trust has been allotted a total of 18 preferences shares valuing each at a premium of Rs 39,87,608 and face value of Rs 10. For a few months, Ola electric mobility has been fundraising. It has raised funds from SoftBank and automakers Hyundai and Kia.

Ola electric mobility is running its pilot project in Nagpur, Gurugram and Bengaluru. Its competitor Uber is said to be planning to increase its electric fleet all over India.

Hero MotoCorp’s Hero Hatch Electric Modular Mobility-2 in 1” electric model 

Its electric concept “2 in 1” model comes under the Hero MotoCorp’s Hero Hatch Electric Modular Mobility. The interesting thing about this electric vehicle is that it can be used interchangeably as both a two-wheeler and a three-wheeler and is for personal and commercial operations including e-commerce and deliveries as per the Motor Vehicles Act L5 for three-wheelers and L2 for two-wheelers.

Hero eMaestro electric scooter

It is also in talks for an electric scooter based on its popular Maestro range vehicle. The Hero Maestro electric scooter is still in the concept stage and its official debut is still to happen. The Maestro electric scooter is expected to cost under 1 lakh rupees.

eMaestro will have a permanent-magnet motor coupled to a lithium battery. It will also get cloud connectivity however it will be not a major breakthrough in the Indian EV space but it will be a well-rounded product for the price, it will be an affordable EV.

It has also announced that it plans to invest up to Rs 10,000 crore in the next 5-7 years. The investment will be made for new products, alternate mobility solutions, manufacturing facilities, network and brand building, research and development, etc. The investment also includes electric vehicles. The company aims to become a market leader in India and also to make strong its presence overseas.

Also Read: Hero MotoCorp ‘2 in 1’ electric concept-Quark 1

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