Hero MotoCorp bets big on electric vehicles
Hero MotoCorp plans to up its EV game even if they need to get into the cash-burn customer subsidy model.
The chairman of Hero MotoCorp Pawan Munjal has revealed the company’s plans to go big on electric vehicles. He said that the company is ready to up its EV game even if they need to get into the cash-burn customer-subsidy model, according to a report in Times of India.
He added that Hero MotoCorp is set to be a global leader in the EV segment and that the Indian two-wheeler brand will use its technology centres and partnerships globally to achieve that.
“In case the market is disrupted in a manner that we are required to do that (engage in cash-burn) to get into the market with pricing where we have to become aggressive and get a fair share, then we will do it,” Munjal told the media.
This comes at a time when its another EV competitor, SoftBank-backed Ola Electric will be launching its e-scooter on August 15. The Ola e-scooter had also garnered record-breaking pre-bookings of one lakh in just a day of its opening.
“We may be the so-called established player — the old guard. Having said that, if and when it comes to playing the right type of game, we will become a startup. In many ways right now, many teams within the EV programme are working like startups,” Munjal added.
The company is celebrating its 10th anniversary of a solo journey after separating from the JV with Japanese Honda.
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