Hero MotoCorp to enter EV segment, to launch 1st model on October 7
The country's largest two-wheeler maker Hero MotoCorp is all set to foray into the electric segment next month with the launch of its first model in the domestic market. For the event that will take place in Jaipur, Rajasthan, the two-wheeler industry giant has sent invitations to its dealers, investors.
The country's largest two-wheeler maker Hero MotoCorp is all set to foray into the electric segment next month with the launch of its first model in the domestic market. In a regulatory filing, the company said that "a new era in mobility is about to begin" alluding to an event under its Vida brand on October 7, 2022.
The two-wheeler industry leader has sent invitations to the event in Jaipur, Rajasthan, to its dealers, investors, and international distributors. Industry insiders have verified that the business would introduce its first electric vehicle at the occasion.
Hero MotoCorp said in March 2022 that it has established a USD 100 million (about Rs 760 crore) worldwide fund to support over 10,000 entrepreneurs working on ESG (environmental, social, and governance) solutions, including its future electric cars (EVs).
The manufacturer of two-wheelers intends to launch cutting-edge mobility solutions under the Vida name. According to sources, the business created the device at the Centre of Innovation and Technology, its R&D centre in Jaipur, and would use its Chittor manufacturing plant in Andhra Pradesh to launch the product. Hero MotoCorp, had planned to launch the EV in March, but postponed it to July. The company subsequently postponed it to the festive season due to supply chain issues linked to the chip shortage.
Earlier this year, an arbitration panel ruled in Hero MotoCorp's favour, allowing the company to continue using the Hero name for its electric vehicles. The pure EV company Hero Electric, owned by the Munjal family, has filed a lawsuit to prevent Hero MotoCorp from using the Hero name for its electric vehicles.
(With PTI inputs)