Hero Electric, one of the oldest players in electric two-wheelers in India, has announced a special festive offer. The company is offering a discount of INR 3,000 on all lithium-ion battery-powered scooters in its range. However, this offer is not applicable on the newly launched Hero Electric Dash.
The festive season offer can be availed at any of the 600+ dealerships of Hero Electric across India. Hero Electric has its touchpoints in 325 cities and has so far got more than 3 lakh customers in its kitty. Its two-wheeler portfolio includes Dash, Flash, Nyx, Optima, and Photon LP. Pricing ranges between INR 46,000 and INR 87,000.
Hero Electric currently has an installed capacity of 1 lakh units and aims to increase it further to 5 lakh in the future. However, no timeline has been given for the same. In 2018, the company reported sales of 68,000 units. With the country’s renewed focus on electric vehicles, Hero Electric is hoping for a major growth spurt. It aims to make a capital investment in the range of INR 40-60 crore every year. This amount will be used of capacity expansion as well as the development of new products.
Interestingly, sales of electric two-wheelers in India has been declining because of the new stricter norms seen in FAME 2 scheme. To get the subsidy, electric vehicle manufacturing companies must comply with the strict localisation norms and size of the battery. Industry pundits believe that this is just the lull before the storm and electric vehicle sales will be on the rise soon.
To meet the growing demand, Hero Electric is aiming to increase its touchpoints to 1,000 by 2020 and 1,500 by 2022. It manufactures its two-wheelers at its facility in Ludhiana.