Hero Electric, a part of Hero Group of Companies, is planning a new electric scooter, which will be assembled on foreign soil. It will have a tie-up with the local players in overseas markets where it will assemble E-Sprint, Maxi, Optima Plus, Wave Dx and Wave Dx Extra Mile. "We are looking at assembly units in overseas markets, mainly in Western Europe and North America, in collaboration with local manufacturers. We are positive of entering into some such agreement within next 12 months," Hero Electric Managing Director Naveen Munjal said.
The company will sell the products under its own brand umbrella and will not enter into any contract manufacturing. The new statement from the company comes at the heels of announcement last month to start exports to Latin America and Europe by the end of the fiscal. Last year, it exported a small number to SAARC countries and Canada.
Here Electric has also entered into joint venture with Canadian battery maker, Electrovaya, to manufacture lithium-ion batteries in India. The venture is expected to be set up within the next six weeks, with financial details and a potential location for a manufacturing facility to be disclosed by then. “We have today signed a MoU with Electrovaya for forming the JV in India. We will set up a manufacturing plant for lithium ion batteries in the country for both the domestic and export market,” Hero Electric managing director Naveen Munjal told reporters in New Delhi. The Indian EV market is currently dominated by lead acid batteries.
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