Niranjan Gupta addressed shareholders in Hero MotoCorp's Annual Report for 2023-24, outlining the company’s rapid growth roadmap for its EV business. He said, "We want to build leadership in EV, and in order to do that, we will be creating a very powerful EV product portfolio, augmenting the VIDA V1 Pro that we have today."
The company is set to launch new products in the mid-and affordable segments this fiscal year. Currently, Hero MotoCorp's VIDA electric scooter range is priced between INR 1-1.5 lakh, factoring in state subsidies.
Executive Chairman Pawan Munjal highlighted the company's achievements in establishing a robust public-charging infrastructure in collaboration with Ather Energy. "Together with Ather Energy, VIDA has established India's largest public-charging infrastructure for two-wheeler EVs," Munjal said.
Munjal also mentioned a partnership with Zero Motorcycle to develop new EV motorcycles aimed at a distinct customer segment to broaden the market. "I am particularly pleased to witness VIDA V1's rise as one of the leading electric scooters in India, and I anticipate its future launch in global markets, where it is poised to become a significant player as well," he added.
Currently, Hero MotoCorp has expanded the presence of its EV scooter VIDA from three to over 100 cities. Gupta noted ongoing innovation at their R&D Centres in CIT Jaipur and Tech Centre Germany aimed at creating a winning product portfolio across all segments.
The company also intends to introduce more premium products and expand its international, accessories, and merchandise businesses. Gupta stated that, despite Hero MotoCorp’s strong domestic presence, the company is on a path to scale its global operations with a particular focus on the top ten markets globally.
"Additionally, we are tapping into opportunities to scale up our accessories and merchandise business," added Gupta.
Regarding premium products, Gupta recounted the company's recent launches of high-end models and promised continued releases in the upcoming years. “We will continue to launch more premium products in the coming years,” he said, stressing the company's focus on speed, scale, synergy, and simplification.
"Our premium portfolio across ICE and EV will grow exponentially, with a line-up that is committed to innovation," Gupta said.
Hero MotoCorp enjoys significant scale advantages with 116 million customers, over 7,500 distribution points, a supply chain capacity of 10 million units, a presence in around 50 global markets, and a workforce of more than 25,000 employees. "Leveraging this scale is key to success in everything that we do. We are adopting this scale Mantra in every decision we make; our strategy is to put our might behind products and projects that can be scaled up faster," Gupta stressed.
The company has accelerated product development and upgraded its sales network to keep pace with evolving global and consumer trends. Gupta noted the importance of speed in their strategy, stating, "Embracing speed is crucial as we navigate rapidly changing global and consumer trends. We are now focusing on further reducing the time our products take to roll out and enhance speed by decentralised decision-making to the point where the actions reside."
Hero MotoCorp remains committed to staying ahead of the curve through rapid innovation and strategic scaling, both domestically and internationally, as it aims to solidify its leadership position in the evolving electric two-wheeler market.
(Source- PTI)
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