Monday, May 23 2022 | Time 13:23 Hrs(IST)
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Business Economy


Hero Electric, Mahindra join hands to produce EVs

New Delhi, Jan 19 (UNI) Electric vehicle manufacturer Hero Electric and the Mahindra Group have entered into a strategic partnership cater to the growing demand for EVs in the country through multiple synergies which will help drive adoption of EVs across the country, it was announced on Wednesday.
Through the partnership in electric mobility announced on Wednesday and in line with Hero’s growth and expansion plans, the two companies will collaborate in manufacturing to enhance production, undertake joint product development and knowledge sharing
As part of the partnership, Mahindra Group will manufacture Hero Electric’s most popular electric bikes – Optima & NYX -- at their Pitampur plant to meet the growing demands of the market. With this collaboration along with the expansion of their existing Ludhiana facility, Hero will be able to meet its demand of manufacturing over 1 million EVs per year by 2022. This will further enable them to drive adoption of a cleaner mode of transport.
“The Mahindra Group has been pioneering in electric three and four wheelers for many years now while driving transition to EV across the consumer and B2B segment,” said Naveen Munjal, Managing Director, Hero Electric, highlighting benefits of the partnership which will allow Hero to further enhance its manufacturing capabilities to meet demand, utilize Mahindra Group’s robust supply chain to reach newer centres in the country and allow both companies to make the most out of each other’s knowledge of EVs to drive new product development in the next few years.
The joint development efforts will also be a key factor in developing the platform approach to help electrification of the Peugeot Motocycles’ portfolio. This is expected to bring significant value to both parties through optimization of costs, timelines, and shared knowledge in this dynamic, fast growing global EV environment. “Peugeot Motocycles has ambitious plans in the EV mobility space in several regions of the world and particularly in Europe. This strategic partnership will bolster these efforts through joint development and a platform sharing approach leveraging the combined strengths of the two businesses,” explained Rajesh Jejurikar, Executive Director, Auto and Farm Sectors of M&M.
The company’s R&D centre in India will be integral to this arrangement as will the manufacturing facility at Pitampur, that already supplies Peugeot with EV products. The two companies will create a seamless channel of communication to aid knowledge sharing among the R&D teams to build new products and technologies. This will be done keeping the Indian and global markets in mind that will not just further the growth of electric vehicles, but also go on to set benchmarks for faster adoption in the industry.
Hero Electric has a manufacturing unit in Ludhiana, and with over 4.5 lakh electric two-wheelers on Indian roads, the company has been delivering sustainable travel solutions over the past 15 years. It has over 750 sales and service outlets spread across the country along with a widespread charging network and trained roadside mechanics on EVs. The Mahindra enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world’s largest tractor company by volume with also a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.
UNI NMJ ACL0049
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