Hero Electric will invest 700 crores, will have a capacity of 10 lakh units annually– News18 Hindi

New Delhi. Hero Electric, the country’s largest electric two-wheeler manufacturer, will spend at least Rs 700 crore to increase its annual capacity to over one million units in the next four years. The new capacity of the company will start at two to three locations. For ease of export, one of these factories will be near the port. Hero Electric’s Managing Director Naveen Munjal told Moneycontrol, “We are expecting the volumes to increase to over one million in the next few years. Hence, we plan to set up 2-3 factories.”
This will also include increasing the capacity of the company’s Ludhiana plant in Punjab. Its current capacity is 75,000 units, which will be increased to 3,00,000 units. Munjal said, “The investment figure of Rs 700 crore can also be increased. We want to have a supplier base near the new factories. The proximity to the port will help us in exports. A major part of this production will be for the domestic market. “

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The demand for electric two-wheelers is expected to increase with the rise in petrol prices, cheaper electric vehicles and the launch of their new models. Central and state governments are also planning to promote electric vehicles. The sales of electric two-wheelers in the country were over 1,30,000 units last year, which is likely to increase to over 3,00,000 units this year.

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