Hero Electric, one of India’s leading electric vehicle company has announced a strategic collaboration with the Mahindra Group, which says is part of Hero’s growth and expansion plans to cater to the growing demand for EVs in the country.
As part of the partnership, Mahindra Group will manufacture Hero Electric’s popular electric scooters – the Optima and NYX – at the Pithampur plant in Madhya Pradesh to meet the growing demands of the market. With this collaboration along with the expansion of their existing Ludhiana facility, Hero Electric will be able to meet its demand of manufacturing over 1 million electric two-wheelers per year by 2022.
Naveen Munjal, MD, Hero Electric said, “The Mahindra Group has been pioneering in electric three- and four-wheelers for many years now while driving transition to EV across the consumer and B2B segment. With this partnership, we look to further enhance our manufacturing capabilities to meet demand and utilise Mahindra Group’s robust supply chain to reach newer centres in the country. We look forward to creating more synergies with them in the near future.”
The joint development efforts will also be a key factor in developing the platform approach to help electrification of the Peugeot Motocycles’ portfolio. This is expected to bring significant value to both parties through optimisation of costs, timelines, and shared knowledge in this dynamic, fast growing global EV environment.
Rajesh Jejurikar, executive director, Auto & Farm Sectors, Mahindra & Mahindra said, “I see significant value creation on a mutually beneficial basis and look forward to this partnership delivering on its obvious promise.”
The two companies will create a seamless channel of communication to aid knowledge sharing among the R&D teams to build new products and technologies. This will be done keeping the Indian and global markets in mind that will not just further the growth of electric vehicles.