Hero Electric invests $29 million to ramp up production

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Hero Electric,Hero Electric,hero electric scooter,hero electric bike,hero electric scooter price,hero electric scooter price, hero electric optim,hero electric share price, hero electric flash,hero electric atria,hero electric bike showroom in hyderabad
Hero Electric

Currently, Hero Electric is one of the largest electric two-wheeler manufacturers in India. As for sales, despite the ongoing Coronavirus pandemic which peaked last year, the company sold over 350,000 electric scooters in 2020, secureing a massive 35 percent market share. Despite Hero Electric's continued market leadership, other players are working hard to take the lead.

In addition to ramping up production, Hero Electric also hasn't been content to sit on its laurels. Moreover, it hopes to sell over ten million electric two-wheelers annually, while expanding internationally. Hero Electric was able to secure a total of Rs 220 crore, or about $29 million USD from Gulf Islamic Investments and OAKS in order to achieve these goals.

The company will aggressively expand its production capacity and product line in the coming months, according to Hero Electric's CEO Sohinder Singh Gill. A step in the right direction has been made with the acquisition of this funding. GII and OAKS have stated that Hero Electric's funding will be devoted to improving and optimizing its production capacity, in addition to exploring both new technology and innovations for the advancement of EV technology. Additionally, this would allow the company to expand into other cities in India, thus strengthening its position in the market.

Electric two-wheeler manufacturing in India has been greatly stimulated by recent changes to the country's policy concerning electric vehicles. Government subsidies are available for both manufacturers and consumers with the revised FAME II (Faster Adoption and Manufacturing of Hybrids and Electric Vehicles) policies. In response, companies such as Ola Electric, Ather, and Hero Electric are putting more resources into making affordable and sustainable personal transportation available.


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