Hero Electric to boost production capacity at Ludhiana plant
POWER & RENEWABLE ENERGY

Hero Electric to boost production capacity at Ludhiana plant

Electric scooter manufacturer Hero Electric is planning to increase production capacity at its Ludhiana plant to over five lakh units by March of next year to meet increased demand for electric two-wheelers.

The company told the media that since the Covid-19 situation in the country improved, it has seen a surge in demand.

With the revised amendments to FAME 2 and additional state subsidies, the electric scooters by the company were the most affordable in the country, with prices starting at Rs 53,600 (post-subsidy), it claimed.

The last few months, according to Naveen Munjal, Managing Director of Hero Electric, have set the tone for the coming years.

Munjal described the current environment as extremely favourable, owing to new policies and subsidies that are promoting consumer awareness.

He also stated that it has caused a significant shift in the industry, which has increased the demand for electric two-wheelers.

The company is expanding its production facilities to produce over five lakh vehicles per year, and will continue to expand to produce over one million vehicles per year, year on year (YoY), to meet the growing demand, he added.

The Ludhiana plant of Hero Electric currently has a capacity of one lakh units per year. The company announced a Series B round of funding in June to help it expand its facilities.

In India, the company has released over 15 electric two-wheelers in the last decade.

Image Source


Also read: Omega Seiki Mobility launches first small commercial electric vehicle

Electric scooter manufacturer Hero Electric is planning to increase production capacity at its Ludhiana plant to over five lakh units by March of next year to meet increased demand for electric two-wheelers. The company told the media that since the Covid-19 situation in the country improved, it has seen a surge in demand. With the revised amendments to FAME 2 and additional state subsidies, the electric scooters by the company were the most affordable in the country, with prices starting at Rs 53,600 (post-subsidy), it claimed. The last few months, according to Naveen Munjal, Managing Director of Hero Electric, have set the tone for the coming years. Munjal described the current environment as extremely favourable, owing to new policies and subsidies that are promoting consumer awareness. He also stated that it has caused a significant shift in the industry, which has increased the demand for electric two-wheelers. The company is expanding its production facilities to produce over five lakh vehicles per year, and will continue to expand to produce over one million vehicles per year, year on year (YoY), to meet the growing demand, he added. The Ludhiana plant of Hero Electric currently has a capacity of one lakh units per year. The company announced a Series B round of funding in June to help it expand its facilities. In India, the company has released over 15 electric two-wheelers in the last decade. Image SourceAlso read: Omega Seiki Mobility launches first small commercial electric vehicle

Next Story
Equipment

Godrej Material Handling Leads East India with 21% Market Share

The Material Handling business of Godrej & Boyce, a part of Godrej Enterprises Group, is powering industrial growth in Eastern India marking over 60 per cent Y-o-Y growth in the Jamshedpur region for FY25. Solidifying its market leadership, the business commands a dominant 21 per cent market share in the Eastern region, serving as a crucial enabler for the region’s manufacturing sector. At the Indomach Expo in Jamshedpur, the business is showcasing its next-generation forklift to meet evolving needs of Eastern India’s industrial corridor. Jamshedpur, Eastern India’s industrial po..

Next Story
Equipment

Mecbo America Launches Scorpion Concrete Crawler Boom

Mecbo America, a division of Blastcrete Equipment LLC, brings a new product to its lineup: the Scorpion Concrete Crawler Boom. The Scorpion provides contractors working in piling, drilling, tunnelling or commercial construction with a flexible arm for placing concrete where needed without disrupting the jobsite. It is an economical enhancement for contractors who have a concrete pump but need an effective way to deftly move material to spots that are difficult or unsafe to reach using other methods.“As concrete contractors grow and the scope of their work changes, many recognize the need for..

Next Story
Infrastructure Urban

REC Flags off Mobile Medical Units Funded in Punjab

REC Limited, a Maharatna CPSE under the Ministry of Power and a leading NBFC, under its flagship CSR initiative Mobile Medical Units has committed Rs 42.9 million for the procurement and deployment of four Mobile Medical Units (MMUs) in 4 districts of Punjab. These units, handed over to the Indian Red Cross Society, Punjab, were flagged off by Hon’ble Governor Shri Gulab Chand Kataria Ji at Punjab Raj Bhawan.Serving as a lifeline for deprived communities, the MMUs will provide essential healthcare across four districts. REC Foundation continues to expand its CSR footprint, with various Mobil..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?