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India leading two-wheeler manufacturer, Hero MotoCorp, has announced a major expansion of its electric vehicle (EV) business. The company aims to increase its EV production capacity to 45,000 units per month by the end of the current financial year, tripling its capacity from 15,000 units per month at the close of the previous fiscal. CEO Harsh Vardhan said that the company's monthly production capacity has already reached nearly 30,000 units as of early August and is on track to hit the 45,000-unit target before the financial year ends.
According to the company, the capacity expansion is driven by strong demand for electric vehicles. Hero MotoCorp said its dealerships are maintaining only 2–3 days of inventory, as most vehicles shipped from the factory are sold almost immediately. The company is confident that the increased production will be readily absorbed by the market.
Hero MotoCorp has also strengthened its Vida electric scooter portfolio during the first quarter by introducing the Vida VX2 Plus (4.4 kWh) and Vida VX2 Go (3.1 kWh) variants. The VX2 Plus offers an IDC-certified range of 187 km, while the company expects both new models to play a significant role in boosting EV sales.
On the financial front, Hero MotoCorp reported a 151% year-on-year growth in EV sales during the June quarter, with EV revenue reaching approximately ₹660 crore. The company believes that as production capacity expands and new products are introduced, electric vehicles will contribute a larger share of its overall business.
Looking ahead, Hero MotoCorp is preparing to expand its electric motorcycle portfolio. According to Kausalya Nandakumar, Chief Business Officer of the company Emerging Mobility Business Unit, electric motorcycles based on the UBEX platform and developed in collaboration with Zero Motorcycles are scheduled to launch next year. Through these initiatives, Hero MotoCorp aims to strengthen its position in India's rapidly growing electric vehicle market.
