Hero Electric has announced a strategic partnership with Mahindra Group to cater to the growing demand for electric vehicles in the country. Here are some of the key points of this collaboration: –
- The collaboration will benefit both the Mahindra and Hero Electric in various business aspects.
- Mahindra will manufacture Hero Optima and NYX at its Pitampur plant to meet the growing demand for electric vehicles. At present, both these models are being manufactured only at Hero Electric’s Ludhiana facility. This will help Hero to meet the sales demand of one million electric vehicles by 2022.
- The two brands will also develop joint products and will share technologies with each other. This will also enable electrification of Peugeot Motocycles’ portfolio through platform sharing.
- A seamless communication channel will also be developed between both the R&D teams of both the companies to build new products and technologies. This will be done keeping the Indian and global markets in mind.
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Speaking on the announcement, Mr. Naveen Munjal, MD, Hero Electric said,
Hero Electric has been leading the Electric two-wheeler sector in the country. To further deepen its roots and strengthen the leadership, Hero Electric has announced a partnership with the Mahindra Group, which is leading the EV transition in the electric three and four wheelers space. This coming together of two industry leaders is to further enhance the manufacturing capabilities to meet demand and utilize Mahindra Group’s robust supply chain to reach newer centers in the country. The long-term partnership will also see both the companies make the most out of each other’s deep knowledge of EVs and drive new product development in the next few years. We look forward to creating more synergies with them in the near future.
Sharing his thoughts on the partnership, Rajesh Jejurikar, Executive Director, Auto & Farm Sectors, Mahindra & Mahindra Ltd., said –
Peugeot Motorcycles has ambitious plans in the EV mobility space in several regions of the world and particularly in Europe. This strategic partnership will bolster these efforts through joint development and a platform-sharing approach leveraging the combined strengths of the two businesses. Our R&D Centre in India will be integral to this arrangement as will the manufacturing facility at Pitampur, which already supplies Peugeot with EV products. I see significant value creation on a mutually beneficial basis and look forward to this partnership delivering on its obvious promise.
