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Hero Electric to set up mega EV plant with an investment of Rs 1,200 crore

Hero Electric, one of the country’s largest electric two-wheeler companies, has signed an agreement with the Rajasthan government to set up a mega electric vehicle manufacturing plant. An investment of over Rs 1,200 crore will be made on this plant. Its annual production capacity will be more than 20 lakh units.

The agreement was signed at the Invest Rajasthan Summit in the presence of senior state government officials and Hero Electric’s Managing Director Naveen Munjal. The plant will be spread over 170 acres in Salarpur Industrial Area. Production is expected to start at the end of next year. Modern equipment and new technology like robotics will be used in this plant. It will also focus on renewable energy resources like solar energy. company Said, “We are strengthening our commitment to pollution free mobility. We are delighted to announce the new manufacturing plant in Rajasthan. We thank the Government of Rajasthan for their support. This is the company’s third greenfield plant. Will happen.” Hero Electric said that a large number of jobs will be generated from this plant.

Hero Electric topped the electric two-wheeler segment in August with a volume growth of 5,302 units and sales of 10,482 units with a year-on-year growth of 102.59%. Hero Electric Volume It achieved a month-on-month growth of 17.06 per cent with a growth of 1,528 units. This accounts for 20.77% of the total segment of this segment. Okinawa is in second place. Okinawa sold 8,558 units and achieved an annual growth of 199.75% with 5,703 units. Apart from this, it also registered a growth of 5.6 percent with 460 volume growth on month-on-month. Okinawa has an 18.15 percent stake in this segment.

Ampere stood third in this market having sold 6,402 units in August 2022 and achieved year-on-year growth of over 702 per cent. Month-on-month growth was 1.20 percent. The company has a market share of 12.68 percent in this segment. TVS at the fourth position sold 6,301 units, a year-on-year growth of 867.90 percent. Many companies in this segment are planning to launch new models in the coming months.

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