Hero Cycles Invests in E-Vehicle Venture
NEW DELHI, India – In line with Indian Government’s ambitious plans of converting the entire transport infrastructure from fossil fuel to electric in the next decades, bike producers like Hero Cycles are redrawing product strategies to meet future new-energy vehicle demands.
India’s largest bicycle producer Hero Cycles reports new investments in an e-vehicle venture. Industry insiders confirm that the bicycle manufacturer is looking for technology partners.
Japanese and European
Confirming this development Hero Cycles Limited’s chairman Pankaj Munjal says, “We are in touch with leading Japanese and German brands to procure technology for our electric vehicle venture, including e-bikes in an affordable range priced 329 to 394 euro.”
On future investments, he states that, “We will initially invest over 10 million euro in the e-vehicle project. As part of a continued focus on the personal smart commuter segment, we will also strengthen our existing ‘Lektro’ branded e-bike range from four models now to twenty by the end of the fiscal year.” The current Lektro range was initially launched in Europe by the Hero’s UK subsidiary Avocet. It was showcased at the Eurobike 2016 show followed by the product launch in India.
Bike sharing platform in India
Meanwhile, Hero Cycles is also planning to introduce a GPRS enabled public bike-sharing platform in India. Pankaj Munjal’s son Aditya, who is handling this project, confirmed that the company will soon launch its first bike-sharing pilot project on a university campus. Hero Cycles is also in contact with Ofo to introduce the bike-sharing concept in various Indian cities.
“Due to market disruptions and the introduction of Goods & Services Tax our bicycle sales were slightly below five million last year,” says Munjal. “We are currently focusing on gaining lost ground in overall bicycle sales. Fortunately the market is in a positive mood again and as sales have started to pick up again, we expect to reach the five million mark again in the ongoing fiscal year.”