Hero Electric, Mahindra Join Forces To Make Electric Bikes & Conquer Indian Market
The industry giants Mahindra Group and Hero Electric announced a strategic partnership to boost quicker adoption of electric vehicles in India, on Wednesday.
As per the strategic pact between the two companies, Mahindra Group will manufacture the country’s leading electric scooter company’s two most purchased electric two-wheeler, Hero Electric Optima and Hero Electric NYX HX, to meet the growing demand of the electric two wheeler.
Mahindra Group to Manufacture Hero Electric’s EVs
In a partnership announced between Hero Electric and Mahindra Group on January 19, the latter will manufacture two of the former’s most purchased electric bikes, at its plant in Pithampur, Madhya Pradesh, to meet the growing demands of the two wheelers.
Through the collaboration, Hero Electric, the country’s leading electric scooter company will be successful in meeting its demand by manufacturing over 10 lakh EVs by 2022.
Mahindra Group’s contribution of producing Optima and NYX models in its Pithampur plant comes as an extension to Hero Electric’s ongoing manufacture of these EVs in its existing Ludhiana facility.
In relation to this development, Hero Electric’s MD Naveen Munjal stated,
“To further deepen its roots and strengthen the leadership, Hero Electric has announced a partnership with the Mahindra Group, which is leading the EV transition in the electric three and four-wheelers space.”
More Details on the Development
By way of the collaboration, Mahindra Group will make use of its robust supply chain to expand Hero Electric’s finished products across different centers of the country, as the two companies further enhance the manufacturing capabilities to meet demand.
“The long-term partnership will also see both the companies make the most out of each other’s deep knowledge of EVs and drive new product development in the next few years”, added the MD.
The company’s R&D Center in India will be integral to this arrangement as will the manufacturing facility at Pithampur, which already supplies Peugeot with EV products, cited a Zee News report, quoting the ED of Auto & Farm Sectors at Mahindra & Mahindra, Rajesh Jejurikar.