- Hero MotoCorp’s Vida EV brand is set to launch its next electric two-wheeler in the first half of FY25.
Hero MotoCorp is aiming to expand its electric two-wheeler portfolio under the Vida sub-brand. The homegrown two-wheeler giant has reportedly revealed its plan to launch a new EV in the first half of the current financial year. PTI has quoted Hero MotoCorp’s Chief Business Officer – Emerging Mobility BU, Swadesh Srivastava saying that the company is all set to expand its electric two-wheeler portfolio in the first half of FY25.
Despite being the biggest two-wheeler manufacturer in India, Hero MotoCorp was relatively late to enter the electric two-wheeler segment in the country, which witnessed a massive influx of products from the EV startups in the last few years, owing to the rising demands from consumers. However, the automaker launched a dedicated sub-brand christened Vida for electric two-wheelers, under which it currently sells two electric scooters, which are priced between ₹1 lakh and ₹1.5 lakh (ex-showroom). However, with the competition intensifying from both startups and other traditional players, the OEM is aiming to expand its EV lineup with an aim to grab more market share. “We are expanding our portfolio in the first half of this year (current fiscal)..into the mid and the mass segment as well,” Srivastava reportedly said while revealing the expansion plan.
He also reportedly noted that with the new product introductions this fiscal, the company is going to be able to play in each of the three segments – premium, mid and mass. “With this, we are looking at significant growth within this year. And we are also looking to improve our cost structures,” he said. Srivastava also added that the company is going to witness huge growth in the electric vehicle segment in FY25 as well as in FY26. “We are looking at steep growth this year and next year, based on the portfolio and the geographical expansion,” he reportedly said.
Hero MotoCorp has expanded the presence of the VIDA brand to more than 120 cities and over 180 touch-points in the country, since the launch of the brand. Also, to support the Vida electric scooters’ charging requirements on roads, it has entered into a partnership with Ather Energy for an interoperable EV charging network, providing over 2,000 charging points across 200 cities to its customers.
First Published Date: 21 May 2024, 09:18 AM IST