India’s largest two-wheeler maker, Hero MotoCorp, will look for partners as it seeks to take advantage of its established system, it said. It added that cost efficiency will determine the victors among the firms that are vying in the electric vehicle (EV) space. The company plans to launch its first EV in March, and it is likely to be an electric scooter.
It has already tied up with Bengaluru-based Ather for its fast-charging technology. Hero owns around 38 per cent stake in the company. A senior company executive said both firms are exploring synergies in developing charging infra, global business or front-end, adding that there already is a lot of learning that is getting cross pollinated between the firms.
Similarly, it has formed a joint venture with Taiwan-based Gogoro, in which it has invested $285 million to develop a battery-swapping platform. “We are approaching the world of EV as an ecosystem rather than as a product or revenue. Hence, we are forging many tie-ups besides our existing investment as we strongly believe EV is currently about partnerships and collaborations rather than competition,” said Niranjan Gupta, CFO at Hero MotoCorp.
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