Hero Electric to set up four EV plants in India

Hero Electric is looking to invest Rs. 1,500-2,000 crore to achieve its production goals.

Hero Electric plans to set up four EV manufacturing units in India, increasing its production capacity to 5 million units.

According to a media report, Hero Electric is looking to invest Rs. 1,500-2,000 crore to achieve its production goals. The company is looking to set up two greenfield factories in South and West India.

Naveen Munjal, MD, Hero Electric, has stated that the transition to EVs is happening at a rapid pace in India. He expects 30% of the 2-wheeler market to transition to EVs by 2025.

With its present capacity of 2,50,000 units, Hero Electric is not able to cater to the demand. This is where the new manufacturing units are expected to come into play, helping reduce geographical risk and supply chain constraints.

Source: ET Auto