The Hero Electric to Manufacture Over 10 lakh Vehicles Annually in Next Few Years.
Hero Electric plans to set up a greenfield plant at Rajasthan with an annual production capacity of 20 lakh units.
Hero Electric has cumulatively sold over 6 lakh units in 15 years of its presence in the Indian market.
The company launched its new Optima CX5.0 (dual battery), Optima CX2.0 (single battery), and NYX (dual battery) models.
Asked when the company could touch the 10 lakh units per annum mark, he said it could be in the next two to three years.
In the ongoing fiscal, the company expects to end with over 1 lakh units sales and in 2023-24 it could be around 2.5 lakh units.
Besides, through its strategic partnership with the Mahindra Group, for a shared facility in Pitampura, Madhya Pradesh, the company now has a manufacturing capacity of 5 lakh units.
“We have worked closely with our partners to cater to the surging demand for EVs in the country.
As a result, we are proud to announce that we are all set to roll out over 1 million vehicles annually from our manufacturing units," Hero Electric Managing Director Naveen Munjal said here at the launch of the new models.
The company, which launched new versions of its three electric scooter models priced between Rs 85,000 and Rs 1.3 lakh, plans to set up a greenfield plant at Rajasthan with an annual production capacity of 20 lakh units with an investment of around Rs 1,200 crore.
Hero Electric on Wednesday said it is set to roll out over 10 lakh vehicles annually in the next two to three years from its manufacturing units in India.