Report – Hero Motocorp to build plants in Brazil and Argentina
Posted on: Dec 1, 2014 - 11:43am IST
Will enter Brazil in 2016.
As a part of its ongoing overseas expansion, Hero Motocorp is planning to setup manufacturing plants in Brazil and Argentina, two of Latin America’s largest two-wheeler markets.
Hero Motocorp has already started construction of its wholly owned manufacturing facility in Colombia and will become the first Indian two wheeler maker to have manufacturing presence in Latin America. Talking to PTI Mr. Pawan Munjal, MD and CEO, Hero Motocorp, said that the company will set up a plant in Brazil, and is also planning to manufacture products in Argentina.
The regulations in the aforementioned nations are so designed to encourage foreign automakers to establish local manufacturing facilities to be price competitive in the market. Mr. Munjal added that Hero is planning to enter the Brazilian market around the time of the 2016 Rio Olympics.
During one of his earlier media interactions, Mr. Munjal suggested that the world’s largest two wheeler maker (in terms of volume) will develop flex-fuel engines (runs on ethanol blended petrol irrespective of the proportions) for Brazil in association with its powertrain partner AVL Austria.
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[Source: Economic Times]