Hero to Launch new hi-end export-oriented unit in Punjab for electric cycles
By Sanjay Kumar
News Highlights
- Hero to start a new hi-end export-oriented manufacturing plant in Punjab to Manufacturing electric cycles.
- The plant will raise the company’s yearly production capacity to 10 million units.
- Suppliers’ Park at Hero E Cycle Valley will confine the production of premium components to enable the production of hi-end bikes in India.
Hero to launch new hi-end export-oriented plant to manufacture electric cycles
Hero Motors, an Indian multinational motorcycle and scooter manufacturer is ready to start a new hi-end export-oriented manufacturing plant at the Hero E Cycle Valley at Dhanansu a village in Punjab. The unit will offer backend support to Hero’s ambitious plans globally.
The plant will raise the company’s yearly production capacity to 10 million units even as the general E Cycle Valley will achieve complete localization of segment production by lodging a progression of suppliers globally, the company said.
The new export-oriented plant is vital for the organization’s ambitious worldwide expansion plans and is expected to manufacture over 70% of production for the worldwide market.
Chairman and Managing Director of Hero Motor Mr. Pankaj M Munjal, said, “While Hero E Cycles plants raised our production capacity of premium bikes and E Cycles for the market worldwide, the Suppliers’ Park at Hero E Cycle Valley will confine production of premium components to enable the production of hi-end bikes in India”.
Recently, Munjal had said, “E-bicycle sales are expected to hit 30 million in Europe by 2030 growing at a CAGR of 26% between 2024 and 2030.
While 50 acres of land of the Valley houses the Hero E Cycles plant, another 50 acres of land has been set apart for a dedicated suppliers park, it said.
Over the amount INR 1,000 crore is being undertaken over 2 years in complete expense to operationalize the E Cycle Valley, it said.
While the organization is spending Rs 350 crore in operationalizing the E Cycle Valley, the merchants are acquiring an estimated INR 400 crore, it said. The 2-Wheeler industry is again on the track after the losses of the covid-19 pandemic, the complete sales of 2-wheeler in March 2021 stood at 14,43,320 units, 78% up over 8,10,723 units sold last year.
Must Read:- Triumph Trident 660 launch in India; Price That’ll Brighten Your Day.
