New Delhi. Hero MotoCorp plans to launch its electric scooter in the international market. The company will launch e-scooters under its Vida Electric brand in the UK, France, and Spain by mid-2025. This is Hero’s first foray into the UK and European markets, where the company aims to meet the growing demand for electric vehicles. This strategy is related to the ongoing discussions on an India-UK Free Trade Agreement, which could reduce tariffs and create new growth opportunities in the automotive sector.
According to a report in the Financial Times, Hero CEO Niranjan Gupta emphasized the positive consumer trends in the region. The company is already a major player in Asia, Africa, and Latin America and now it wants to take advantage of this opportunity in the transition to electric mobility, especially since the company has not seen the expected success with electric vehicles in the Indian market.
Premium motorcycles will also be launched
Apart from its electric scooters, Hero is also exploring the export of conventional petrol engined motorcycles, including the premium Maverick model, to the UK and other European countries. However, analysts believe that to be successful in these developed markets, it will be necessary to offer expensive and premium motorcycles. Hero’s existing partnership with Harley-Davidson allows it to manufacture motorcycles of the prestigious brand for the Indian market.
The company’s entry into Europe comes at a time when India’s vehicle emissions standards, which were updated in 2020, are now at par with global standards. This is opening new opportunities for Indian producers. Also, due to rising duties on Chinese imports, Indian manufacturers like Hero are looking at new opportunities in developed markets. In August 2024, Hero MotoCorp sold 512,360 units, showing a growth of 38% on month-on-month basis. The company has achieved a growth of 8% year-on-year compared to last year.
Tags: Electric Scooter, Hero motocorp
FIRST PUBLISHED : September 22, 2024, 3:39 PM IST