Its manufacturing capacity has expanded to 5 lakh scooters a year.
Hero Electric has achieved sales crossing 50,000 units for the ongoing fiscal.
The precise figure stood at 50,331 units at the end of October 2021, having sold 6,366 unit sales in the month.
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This figure is its best ever recorded since 2007 and a massive jump from the meagre 314 units it sold in October last year.
Much of the sales have been driven by its city speed portfolio, especially the Optima and NYX.
For an already diminutive electric two wheelers market, Hero Electric enjoys 36% market share.
Contributions To Sales
The sales have been driven by select tax or tariff incentives on sale of specific EV categories.
This has boosted demand especially in Europe where EVs enjoy huge popularity.
By 2030 the demand is expected to balloon even further.
It is targeting 1 million sales in the next five years by expanding its product portfolio and sales touchpoints.
Growing Acceptance Of EVs
In India electric two-wheelers in particular have registered impressive sales.
Hero Electric has the advantage in the EV market given its local production unit in Ludhiana and wide range catering to different customer segments.
Indian consumers are also turning away from petrol-powered cars given the continuous rise in petrol prices.
EVs are also cheaper to maintain since running costs are lower than fuel costs.
The environmental benefits are aplenty since it is less polluting and produces no emissions while being operated.
Strategic Partnerships
Its manufacturing capacity has expanded to 5 lakh scooters a year.
With this it will be able to tap newer markets and reach a wider audience.
It has also entered partnerships with multiple EV start-ups to strengthen the last mile delivery market and expand its B2B business.
Growing Charging Station Network
The collaborations will also help it build a robust charging infrastructure across the country.
One such partnership is with Massive Mobility, through which it will install 10,000 charging stations across the country.
The current number of charging stations stands at 1650 which it plans to take to 20,000 by the end of next year.
Long Waitlist
The demand for its products is such that there are 16,500 customers who are awaiting their deliveries.
They could be looking at a waiting period for another few weeks.
But Hero Electric is working on ramping up its capacities quickly to service the demand and fulfil its commitments to customers.
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