New Delhi. Hero MotoCorp plans to introduce its electric scooters in the international market. The company will launch e-scooters under its Vida Electric brand in the UK, France, and Spain by mid-2025. This is Hero's first step into the UK and European markets, where the company aims to meet the growing demand for electric vehicles. This strategy is related to the ongoing discussions on the India-UK Free Trade Agreement, which can reduce tariffs in the automotive sector and create new growth opportunities.
According to a Financial Times report, Hero CEO Niranjan Gupta emphasised on the positive consumer trends in the region. The company is already a major player in Asia, Africa, and Latin America and now wants to take advantage of this opportunity to transition to electric mobility, especially since the company has not achieved the expected success in electric vehicles in the Indian market.
Premium motorcycles will also be launched
Apart from its electric scooters, Hero is exploring export possibilities of conventional petrol engine motorcycles including the premium Maverick model to the UK and other European countries. However, analysts believe that offering expensive and premium motorcycles will be necessary to succeed in these developed markets. Hero's existing partnership with Harley-Davidson allows it to manufacture the iconic brand's motorcycles for the Indian market.
The company's entry into Europe comes at a time when India's vehicle emission standards, which were updated in 2020, are now in line with global standards. This is opening up new opportunities for Indian manufacturers. Also, due to rising duties on Chinese imports, Indian manufacturers like Hero are looking at new possibilities in developed markets. In August 2024, Hero MotoCorp sold 512,360 units, showing a growth of 38% on a month-on-month basis. The company has achieved a growth of 8% year-on-year compared to the previous year.
Electric Scooter, Hero MotoCorp
FIRST PUBLISHED : September 22, 2024, 15:39 IST