Hero Electric has announced that the company will be diversifying into the premium electric bike segment under its new brand ‘A2B.’ The electric two-wheeler giant is one of the leaders in terms of volume in the electric scooter segment. The new A2B brand will further diversify the portfolio with electric bikes, scooters and other new variants in the category, the company said in a statement.
Hero Electric says its upcoming range of premium electric two-wheelers will be tailored to withstand Indian road and climatic conditions. The upcoming electric model range also promises robust battery systems, integrated powertrains, and aesthetics that reflect the premium buyer sensibilities.
Speaking on entering the premium e-bike segment, Sohinder Gill, CEO – Hero Electric, said, “While the Hero Electric brand continues to be the bedrock of our basic E-mobility thrust, we intend to invest in new brands for specific market categories. We believe that differentiation is key to market dominance, and going forward we will enter categories under specialist brand entities to bring focus to the market segments they represent, complementing the Hero brand as a legacy player in the mass mobility segment.”
Hero Electric is bullish about the long-term growth of the electric vehicle segment even as short-term challenges hamper the e-two-wheeler space at large. The company has over 15 years of experience in retailing electric two-wheelers largely focussed on the sub ₹1 lakh entry segment.
“The Indian market is ripe for e-mobility exploration, and we are perfectly positioned to meet the emerging demands, including those from the premium segment. Our commitment resonates with India’s aspiration to become a global EV hub, and we are eager to play a pivotal role in making that a reality,” Gill added further.
Commenting on the announcement, Naveen Munjal, MD – Hero Electric, said, “We are embarking on a de-aggregation strategy with specific brand offerings in different segments. This tactical move aims to focus on our traditional turf with the Hero Electric brand while allowing us to break into newer segments as competition builds up in this sector.”
Hero Electric has not announced the launch timeline for the premium EVs under the A2B brand. The company also remains tight-lipped about its upcoming model range, whether these models will be indigenously developed and at what price points will they be retailed at. The company has over 850 sales and service outlets across the country and has sold over six lakh units so far. The manufacturer has a manufacturing facility in Ludhiana, Punjab, and a shared facility in Pitampura, Madhya Pradesh with the Mahindra Group.
First Published Date: 31 Aug 2023, 18:06 PM IST