Hero Electric’s EV Expansion to be Live by Mid 2022
Hero Electric, one of India’s leading manufacturers of electric 2-wheelers is looking to expand its production capacity to reach five lakh units per year at its facility in Ludhiana, Punjab by the middle of 2022.
At present, the Ludhiana facility has an installed production capacity of one lakh units per year.
Naveen Munjal, Managing Director at Hero Electric said “We’re seeing, as we call, the hockey stick growth. Demand across the country is skyrocketing. And so much so that you know at this point, we are not able to keep up with the demand.”, as mentioned in an article of ET dated 15th December 2021.
According to a joint report- ‘Electric Mobility in Full Gear’ by Colliers India and Indospace, “Electric vehicle market is likely to attract investments of Rs 94,000 crore over the next five years”. It also mentioned that the electric vehicle industry in India is currently at a nascent stage and it is likely to grow exponentially, backed by government incentives available under the FAME* II (Faster Adoption and Manufacturing of Electric Vehicles in India scheme) policy.
*FAME India scheme has been launched to encourage electric vehicle purchase.