Hero Electric ties up with Punjab to develop state as EV hub

Hero Electric, a leader in the electric two-wheeler segment, is collaborating with the Government of Punjab to support and develop the EV infrastructure in the state. As a part of this partnership with the Punjab government, Hero Electric wants to further strengthen its role as a leader in the Electric two-wheeler space by developing the state as a EV hub.

In this context, Hero Electric has already announced Rs 700 crore investment in its R&D and state-of-the-art manufacturing facility in Ludhiana. The company plans to increase the number of touchpoints across India to 1000 by end of 2020 from the current 615 and make the brand accessible across the country. The company is also targeting ramping up electric scooter production capacity to 500,000 units annually over the next three years with a focus on low-speed scooters for last-mile connectivity.

Naveen Munjal: 'When I look back, I realise that it was the right decision to set up our first plant in Ludhiana, Punjab. The state has always supported us in all our endeavours, and we have found the right partner in them.'

Commenting on the collaboration, Naveen Munjal, MD, Hero Electric, said: “What has always enabled Punjab to be ahead of other states is the readiness to embrace and promote e-mobility in the state and the number of incentives offered to attract investment. I am sure, Hero Electric and the state of Punjab can together make a considerable difference and lead e-mobility in the country.”

The Punjab state government will be offering incentives like net GST reimbursement for 7 years up to 100% FC, employment subsidy of up to Rs 48,000 per year for five years to attract more investment in the e-mobility space.