Hero Motors Ltd is aiming to become the world’s largest electric bicycle maker in the next 12 quarters said the company Chairman and Managing Director, Pankaj M Munjal. Hero Cycles aims to manufacture 500,000 electric bicycles by the end of 2022. Among them, most of them will be exported.
Hero Motors aims to manufacture 500,000 e-bicycles by 2020
“Hero Cycles will be globally competitive and focussed on e-bicycles. We will be identified with e-bicycles…Our focus is on becoming global, dominant players of e-bicycles,” said Munjal.
Hero Motors
Hero Cycles are the flagship of the HMC group and Hero Motors which have its manufacturing plants in Ghaziabad. It has the production capacity of about 8,000 e-bicycles monthly. The company supplies various automotive parts to the automakers.
Hero Cycles brand Lectro
It’s brand, Lectro started its sales in India in November 2018.“With over 35 percent of the population still walking and over 17 percent using two-wheelers to cover under trips under 5 km, there is a great potential to increase/induce adoption at the price point Lectro is available at, as compared to most electric vehicles available in India. If EV as a category has to grow and achieve its overall objectives, it has to be adopted by the masses,” said Munjal.
Hero Cycles first started in the UK/EU
The brand, Hero Cycles first started in the UK/EU. This year the company aims to make sales of 45,000 units of Lectro and 50% will be exported to the Uk/UE. It is also looking for expansion other than the UK.
The company will invest ₹1,000 crore in Lectro which will be used in strengthing its global design and development and also in R&D and manufacturing units in Ghaziabad.
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