The OEM says there has been an overall rise in the demand for electric vehicles. The demand for its city speed scooter Optima and Nyx led the sales for Hero Electric.
Sohinder Gill, CEO, Hero Electric said, “Hero Electric has been on the forefront and leader in embarking the journey towards EV adoption in India. The industry has seen its biggest growth for EVs pertaining to the compressive approach and consumer-friendly policies, further propelling the demand for sustainable mobility solutions. With the increased awareness and better infrastructure, Hero Electric achieved a larger sale volume and eyes upward growth trajectory in the coming months.”
Hero Electric has announced the expansion of production capacity to 500,000 units by March 2022 and installing of 10,000 charging stations across India in partnership with Massive Mobility.
In July, Hero Electric announced the first part of its Series B funding of Rs 220 crore. Gulf Islamic Investments (GII) led the round along with participation from OAKS. The company , which has retained its title of the No. 1 e-two-wheeler OEM in first-half 2021, plans to use the new funds towards expanding production capacity, further strengthen market leadership, invest in futuristic technology and also grow its footprint across India-like markets.
To achieve speedy growth and double sales every year, the company plans to make significant additions to its manufacturing capacity by setting up multiple plants over the next couple of years. It will also focus on India-centric, flexible, and cost-effective innovations that will drive the growth of electric mobility which is in line with making India the EV hub of the world.
Source: autocarpro.in
