Business Business: Hero MotoCorp is preparing to sell its electric scooters abroad. In fact, the company is preparing to launch electric scooters under the Vida Electric brand in the UK, France and Spain by mid-2025. This is the company’s first branch in the UK and European markets and aims to meet the growing demand for electric vehicles. The company’s move coincides with the ongoing discussion on the India-UK free trade agreement. This will reduce tariffs for the auto industry and also create many growth opportunities.
Hero CEO Niranjan Gupta highlighted the positive consumer sentiment towards the company’s electric scooters in these segments. The company is already a major player in Asia, Africa and Latin America and plans to capitalize on this passion by entering electric mobility. It is worth noting that apart from its electric scooter programs, the company has not had much success in the electric vehicle segment in the Indian market, but Hero has launched larger motorcycles with conventional petrol engines, including the premium model Maverick with export potential. Analysts in the Indian market, England and other European countries, however, believe that the company should introduce more expensive and high-quality motorcycles to succeed in these developed markets. Hero’s existing partnership with Harley-Davidson has enabled Hero to manufacture motorcycles of the famous brand for the Indian market.
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The company’s entry into Europe comes at a time when vehicle emission norms in India, updated in 2020, are in line with global standards. This has opened new doors for Indian manufacturers. Indian manufacturers like Hero are looking for new opportunities in developed markets in view of increased import duties from China. Hero MotoCorp sold 512,360 units in August 2024. This represents a growth of 38% over the previous month. The company’s sales grew 8% over the previous year.
