After Vida Hero's Three New Electric Two-Wheelers are Already in the Pipeline

Key Highlights:

• Hero has envisaged to launch three new electric two wheeler by early 2025
• The scooters will be launch in three different segments: Mid-price Segment, Economy Segment, and B2B Segment

Hero, India's largest two-wheeler manufacturer, has unveiled ambitious plans to intensify its foray into the electric vehicle (EV) market. After the unveiling of Hero Mavrick 440 and launch of Hero Xtreme 125R, The company's CEO, Niranjan Gupta, announced the launch of three new electric scooters within the upcoming fiscal year, as part of its strategic move to expedite the electrification journey.

Segmented Approach

• Mid-price Segment
• Economy Segment
• B2B Segment

The upcoming electric scooters will cater to different market segments. Niranjan Gupta, CEO at Hero MotoCorp, outlined the company's diversified strategy, stating, "In FY25, we will launch electric scooters in the mid-price segment and in the economy segment to extend our Vida range." This signifies Hero MotoCorp's intent to cover a broad spectrum of consumers, targeting both mid-range and budget-conscious buyers.

Additionally, the company aims to venture into the Business-to-Business (B2B) segment with another electric two-wheeler. Recognizing the potential in this market, Niranjan Gupta remarked, "We will be launching another electric two-wheeler in the B2B last-mile delivery segment, which is a big segment."

Current Market Scenario

As of now, Hero MotoCorp's electric vehicle lineup consists of the 'Vida' electric scooter, introduced in October 2022. The company faces stiff competition in the Indian electric scooter market, dominated by key players like Ola, TVS Motor, Bajaj Auto, and Ather, holding an 80 percent market share.

However, Niranjan Gupta emphasised that the company has already increased the availability of Vida V1 in the past weeks, reaching 100 cities. Now, Hero has aimed to make Vida V1 accessible in 100 more cities by the end of 2024.

Confident Outlook

Addressing concerns about the competitive landscape, Gupta expressed confidence in Hero MotoCorp's strategic approach. He emphasized the long-term nature of the electric vehicle market, likening it to a marathon rather than a sprint. Niranjan Gupta stated, "Electric vehicle (EV) is like a marathon, not a 100-metre race... The game in EVs has just started."

Anticipating changes in the competitive landscape, Gupta predicted, "There will probably be more players coming in. There will be players who will have to consolidate and fold. The next three years will see a churn in this segment as the government subsidies will not continue forever."

Conclusion

Hero MotoCorp's announcement reflects a significant step in its commitment to electric mobility. With a strategic focus on diversification and capturing various market segments, the company aims to establish a strong presence in the rapidly evolving electric scooter market. As the Indian EV industry continues to mature, Hero MotoCorp positions itself for a dynamic and competitive future in the electric mobility space.

Also Read: 7 Days Left to Grab Discount of Upto Rs 34,000 on Hero Vida V1 Pro