Hero MotoCorp is working on its first electric motorcycle
What's the story
Hero MotoCorp, in partnership with its American partner Zero Motorcycles, is working hard on its first mid-sized electric motorbike.
The announcement was made by Niranjan Gupta, CEO of Hero MotoCorp during an analyst call.
He said the development of the electric bike is in an advanced stage but didn't reveal a specific launch timeline.
Strategic partnership
Investment and collaboration with Zero Motorcycles
In September 2022, Hero MotoCorp's board approved an equity investment of up to $60 million in Zero Motorcycles.
The next year, the companies announced their partnership for developing high-end electric bikes.
"As far as EV motorcycles...we are developing in partnership with Zero Motorcycles..it (bike) will be coming in the middle-weight segment," Gupta had said during the call.
Market growth
Expansion into electric scooter market
Along with the electric motorcycle, Hero MotoCorp is also expanding its portfolio of electric scooters to include different price brackets this year.
"So basically, within six months, we would have covered most of the price and customer segment as far as EV scooters are concerned," Gupta said.
The firm's current VIDA electric scooter range, priced between ₹1-1.5 lakh (including state subsidies), is present in over 230 cities across India with over 400 sales touchpoints.
Regulatory compliance
Hero MotoCorp's electric products and PLI scheme compliance
Hero MotoCorp is hopeful that its electric products will fall in line with the Production Linked Incentive (PLI) scheme in FY26.
This expectation is part of the company's wider business outlook, which Gupta described as positive owing to an improving economy and a promising auto sector.
He also said that the festive cheer will continue even beyond the festive season, hinting at a positive market sentiment for their products.