Hero MotoCorp plans to export its upcoming electric vehicles to Latin America and European markets, according to a news report. The company will be venturing into the electric mobility segment this year with the new ‘Vida’ brand. Hero’s first electric offering is scheduled to break cover on July 1, 2022, and sales are likely to begin later in the year. While India will be the primary market for Vida, the manufacturer seems to be bullish right from the start and is expanding to other geographies leveraging its presence in Latin America, while also tapping into Europe with its faster adoption of EVs.
Hero MotoCorp teased its upcoming electric scooter last year
The report quotes Sanjay Bhan, Global Business Head – Hero MotoCorp, who said, “Vida, Powered by Hero, is a global brand and we are working towards priming our strategic markets ahead of the products and services launch. Some of the key geographies for our EV products will be Europe and Latin America along with a few more markets.”
The Vida brand made its global debut in March this year in Dubai and the Hero subsidiary’s first offering is touted to be an electric scooter, which was teased by Hero MotoCorp Chairman, Managing Director & CEO Dr Pawan Munjal last year. The company will be building the new electric offering at its Chittoor plant. Hero partnered with Taiwan-based Gogoro to develop its electric scooter with a majority of the development taking place in-house at Hero’s R&D centres. The company also received inputs from Ather Energy, the Bengaluru-based electric vehicle start-up, in which Hero has a 34.8 per cent stake.
Hero is expected to introduce battery swapping with its upcoming electric scooter and will leverage Gogoro’s expertise in the same. The battery swapping network will be set up first by the company with the e-scooter to be introduced soon after. It’s likely that the company will replicate the same model in other markets too.
Hero MotoCorp has a strong presence in Latin America and even has a manufacturing facility in Colombia
The report quotes Bhan saying, “There is a great appreciation for EV products, especially in mature economies and we are aiming to be present in a lot of these markets. Undoubtedly, EVs provide us access to several new geographies as it opens up new customer and mobility segments.”
At present, Hero is present in Colombia, Peru, Argentina and Mexico in Latin America and even has a manufacturing facility in Colombia. It also holds a strong presence in Africa retailing products in Kenya, Nigeria, Uganda and Tanzania.
Source: ET Auto
Highlights
- Hero MotoCorp is looking to exports its upcoming EV to Latin America
- To be sold under Vida brand, the new EVs will be retailed in Europe too
- Hero will unveil its new EV on July 1, 2022, which could be an e-scooter
Keyword: Hero MotoCorp To Export Electric Vehicles To Latin America, Europe: Report