Two-wheeler major Hero MotoCorp is all set to establish its first overseas manufacturing factory in Brazil,according to an official company statement. According to the company, this will be a new wholly owned subsidiary in Brazil, which will most likely be named ‘Hero MotoCorp do Brasil Ltd.'
"It will invest in the new entity in phases, and cater to the manufacturing and distribution of two-wheelers, including parts and accessories," the statement read. Currently, Hero MotoCorp has a presence in over 47 countries.
Prior to this, Pune-based Bajaj Auto made its overseas manufacturing debut in 2023 in Brazil through its wholly-owned arm, Bajaj Do Brasil.
Going forward, the company expects the macro‐economic factors to aid the industry’s growth. "With commodity prices remaining stable, expectations of normal monsoons, and government spending expected to increase, we see multiple tailwinds for the sector over the upcoming quarters. We will be driving market share gains on the back of our launches in premium and 125 cc segments in FY24.
Further, we are going to boost the scooter portfolio by launching Xoom 125 cc and Xoom 160 cc in the first half of the fiscal year. The coming year will see us taking big strides in EVs through product launches in the mid- and affordable segments. Overall, we see a very positive outlook for upcoming years,” Niranjan Gupta, CEO of the company, said.