Motorcycle market leader Hero Motocorp is planning an aggressive foray into electric vehicle market by launching both electric scooters and motorcycles. They had invested 30% stake in Ather Energy who is expected to launch their product before Diwali 2018. It seems Ather will be launching more than 1 vehicle!
Hero Motocorp will be developing & launching electric motorcycles and scooters under its own brand name. Now Hero Electric was also part of Hero group before it split ways years ago and became an independent entity.
Hero Motocorp on Friday announced its… 8th factory at Sri City in Andhra Pradesh. The company is investing Rs 1,600 crore or 8 times more money than they invested in Ather Energy in the new plant which will have a capacity of 1.8 million units and will become operational before December 2019.
It will be part of Hero Moto’s Rs 2,500 crore capex lined up for two years. The plant will be entirely funded through internal accruals. The Sri City plant will will be used as an export hub and take Hero Motocorp’s combined installed capacity to 11 million units from the current 8 million units plus.