New Delhi:
Hero Electric and Mahindra Group announced a partnership to meet the ever-increasing demand for electric vehicles in the country. As part of the partnership, Mahindra Group will produce Hero Electric’s most popular electric bikes – the Hero Optima and Hero NYX – at its Pitampur unit to meet the growing market demands. With this collaboration as well as the expansion of its existing Ludhiana facility, Hero will be able to meet its production demand of over 1 million EVs per year by 2022. This will help them to adopt a cleaner mode of transport.
Speaking on the announcement, Naveen Munjal, MD, Hero Electric, said, “The Mahindra Group has been a leader in electric three and four wheelers for many years, while driving the transition into EVs in the consumer and B2B segments.”
“With this partnership, we aim to further enhance our manufacturing capabilities to meet the demand and utilize the strong supply chain of Mahindra Group to reach new hubs in the country. The long-term partnership will allow both companies to make the most of each other’s in-depth knowledge of EVs and drive new product development over the next few years. We look forward to building more rapport with them in the near future.”
Sharing his views on this partnership, Rajesh Jejurikar, Executive Director, Auto & Farm Sectors, Mahindra & Mahindra Ltd. said, “Peugeot Motocycles has ambitious plans in the EV mobility space in many regions of the world and especially in Europe. This strategic partnership will fuel these efforts through a vision of sharing a platform for joint growth and leveraging the combined strengths of the two businesses.”
“Our R&D center in India will be an integral part of this arrangement as will the manufacturing facility in Pitampur, which already supplies Peugeot with EV products. I see significant value creation on a mutually beneficial basis and look forward to delivering on our clear promise to this partnership.”
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