Hero Electric to set up mega EV plant with an investment of Rs 1,200 crore

Hero Electric, one of the country’s largest electric two-wheeler companies, has entered into an agreement with the Rajasthan government to set up a mega electric vehicle manufacturing plant. An investment of over Rs 1,200 crore will be made on this plant. Its annual production capacity will be more than 20 lakh units.

The agreement was signed at the Invest Rajasthan Summit in the presence of senior state government officials and Naveen Munjal, Managing Director, Hero Electric. This plant will be in Salarpur Industrial Area on 170 acres. Production is expected to begin at the end of next year. New technology like modern equipment and robotics will be used in this plant. In this, renewable energy resources like solar energy will also be emphasized. The company said, “We are strengthening our commitment towards pollution-free mobility. We are happy to announce the new manufacturing plant in Rajasthan. For this, we thank the Government of Rajasthan for their help. This is the third greenfield of the company.” There will be a plant.” Hero Electric told that a large number of jobs will be generated from this plant.

In the electric two-wheeler segment, Hero Electric retained the number one position with sales of 10,482 units in August with a volume growth of 5,302 units and a 102.59% year-on-year growth. Hero Electric volume registered a month-on-month growth of 17.06 percent with a growth of 1,528 units. This is a total share of 20.77% of this segment. Okinawa is in second place. Okinawa sold 8,558 units and achieved an annual growth of 199.75% with 5,703 units. Apart from this, it also registered a growth of 5.6 percent with 460 volume growth month on month. Okinawa has 18.15 percent share in this segment.

Ampere stood third in the market, selling 6,402 units in August 2022, registering a year-on-year growth of over 702 percent. The month-on-month growth was 1.20 percent. The company has a market share of 12.68 percent in this segment. TVS at the fourth position sold 6,301 units, a year-on-year growth of 867.90 percent. Many companies in this segment are planning to launch new models in the upcoming months.