November 25, 2024 | New Delhi
Hero MotoCorp’s Bold Step into Electric Motorcycles
Hero MotoCorp, the world’s largest two-wheeler manufacturer, is in the advanced stages of developing its first electric motorcycle in collaboration with California-based Zero Motorcycles. This joint effort, announced in March 2023, aims to deliver a premium middleweight performance electric motorcycle, addressing the growing demand for electric bikes in India.
Latest Updates on the Hero-Zero Collaboration
During a mid-November analyst call, Hero MotoCorp CEO Niranjan Gupta shared insights into the project’s progress:
“The electric motorcycle we are co-developing with Zero Motorcycles is in an advanced stage. While we have not announced a launch date, it will not be far off. This bike will target the performance segment, where customer interest is steadily rising.”
Swadesh Srivastava, Chief Business Officer of Emerging Mobility at Hero MotoCorp, added that the company’s EV scooter portfolio will expand further, with new models targeting diverse price segments by mid-2025.
Tapping the Untapped Electric Motorcycle Market
India’s electric two-wheeler market has been primarily dominated by e-scooters, with companies like Ola Electric, TVS, and Bajaj Auto leading the segment. However, the demand for electric motorcycles is beginning to grow, and Hero-Zero’s middleweight bike could fill the gap in this under-served space.
- Revolt Motors, a leading e-motorcycle player, sold 6,948 units from January to October 2024, primarily driven by its RV400 model.
- Ultraviolette Automotive, backed by TVS, sold 305 units of its F77 Mach 2 performance e-motorcycle during the same period.
Given the limited competition, Hero MotoCorp aims to attract customers with its upcoming middleweight electric bike, offering a balance of performance, quality, and affordability.
The Power of the Hero-Zero Partnership
This collaboration combines Zero Motorcycles’ expertise in electric powertrains with Hero MotoCorp’s large-scale manufacturing, sourcing, and marketing capabilities. Together, they aim to deliver a product that meets the evolving expectations of Indian consumers while addressing the performance and premium segment needs.
Scaling Up: Hero’s EV Scooter Strategy
Hero MotoCorp’s Vida e-scooters are gaining traction, with October 2024 retail sales reaching 7,309 units—a 443% year-on-year growth. The company now operates 203 touchpoints across 116 cities and has built 2,500 charging stations in collaboration with Ather Energy.
Hero MotoCorp is also focusing on reducing EV costs through localization and scale improvements. CEO Niranjan Gupta noted, “We are aggressively working on technological advancements and powertrain localization to make EVs more affordable. Expect new cost-effective products soon.”
Looking Ahead: Hero MotoCorp’s Electric Vision
With its first electric bike expected in FY2026, Hero MotoCorp is entering a critical phase in its EV journey. The Hero-Zero collaboration aims to deliver a high-quality product that not only captures market share but also sets new benchmarks for performance and reliability in the growing electric motorcycle market.
Hero’s strategic efforts to build a robust EV portfolio, combined with its focus on affordability and sustainability, signal its commitment to meeting the future needs of the Indian mobility market.
