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Electric two-wheeler company Hero Electric hopes to double sales by the end of this fiscal in view of impressive sales momentum the company has been seeing in the post-second Covid wave period.
The company sold more than 53,500 electric two-wheelers last year. Since July this year, Hero Electric has sold more than 25,000 vehicles (high speed and low speed). The company remains the leading player in the electric two- scooter market. It claims 36 per cent market share and is reported to have achieved highest sales in the first half of the 2021 with 15,000 high-speed electric scooter sales.
Record performance
“This has been a record performance year and we have overdone our expected sales figures in the last few months. We are now aiming to double the figures by the end of this fiscal and are extremely confident of achieving the target,” Sohinder Gill, CEO, Hero Electric, told BusinessLine.
In September , overall registered high speed electric scooter volumes in the country stood at 16,641 units. For April-September 2021 period, total registered high speed electric scooter volumes stood at little less than 47,000 units.
Gill pointed out that the ecosystem for electric two-wheelers in the country was getting better with both State and Central governments supporting adoption of e-scooters to a large extent. From localisation to drop in battery prices, it will help bring down the overall cost of ownership, he added.
Growing demand
In view of the growing demand and favourable outlook for electric two-wheelers, Hero Electric will expand production capacity and charging infrastructure.
“Our current manufacturing facility in Ludhiana is being expanded to produce over 5 lakh vehicles a year by March 2022 from the current 1 lakh units. This will further be increased to a million vehicles once we open our next facility. As and when markets open and demand increases, and with competition coming in, we will be able to see 2-4 million scooters in the market across the country,” said Gill.
The company has partnered with Massive Mobility, a New Delhi-based start-up, to set up 10,000 EV charging stations across the country.
Till date, Hero Electric has set up 1,650 charging stations and has set out an ambitious target of establishing 20,000 charging stations by the end of 2022. The partnership with Massive Mobility is expected to help the company realise its objectives.