Hero Electric, India's leading EV company, today announced a partnership with Anand Mahindra-led Mahindra to cater to the growing electric vehicles business in the country. The partnership is part of Hero's growth and expansion plans in the EV business.
According to the company's statement, The partnership will allow Mahindra Group to manufacture Hero Electric’s electric bikes – Optima and NYX at their Pitampur plant to meet the growing demands of the EV market.
Additionally, The partnership along with the expansion of its existing Ludhiana facility, Hero will be able to meet its growing demand of manufacturing over 1 million electric vehicles per year by 2022.
"Hero Electric has been leading the Electric two-wheeler sector in the country. To further deepen its roots and strengthen its 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," Mr. Naveen Munjal, MD, Hero Electric said.
He further said the long-term partnership between both the companies will 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," he adds.
The joint development efforts will also be a key factor in developing the platform approach to help electrification of the Peugeot Motocycles’ portfolio. The company expects this will bring significant value to both parties through optimization of costs, timelines, and shared knowledge in this dynamic, fast-growing global EV environment.
Rajesh Jejurikar, Executive Director, Auto & Farm Sectors, Mahindra & Mahindra Ltd, said: “Peugeot Motocycles 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, that already supplies Peugeot with EV products," Rajesh adds.
Earlier this month, Hero Electric had announced its partnership with Turtle Mobility, a startup offering last-mile delivery services, to strengthen the last-mile delivery by providing its electric scooters to Turtle's delivery fleet.