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Hero Electric to invest Rs 700 cr in plant capacity

Anticipating exponential growth in electric two-wheelers, is poised to infuse Rs 700 crore over the next three-four years to increase its plant capacity from 75,000 units to 10 lakh units. In the first phase, the capacity will be hiked to 3 lakh units.Speaking to TOI, Hero Electric managing director Naveen Munjal said the industry was witnessing doubling of market share each year and would corner at least 10 per cent of the motorcycle and scooter market in five years. Hero Electric, which commands 40 per cent of the market, will continue to keep pace with the growth.“At the current growth rate, the electric two-wheeler market will touch 20 lakh units in five years. With a little bit of a push and more favourable policies, this number could .....

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