Mahindra to manufacture Hero Electric e-scooters
Both companies to work on joint development & platform sharing
The partnership will enable the electrification of Peugeot Motorcycle’s portfolio
Hero Electric collaborates with the Mahindra Group to cater to the growing demand for EVs in the country. As a part of this strategic collaboration, Mahindra will be manufacturing two of Hero Electric’s scooters namely Optima and NYX. The electric two-wheelers will be manufactured at the brand’s Pitampur plant in Madhya Pradesh. Besides this, Hero Electric is also working on the expansion of its existing Ludhiana facility and trying to meet the demand of producing over 1 million electric two-wheelers per year by 2022.
“The Mahindra Group has been pioneering in electric three and four-wheelers for many years now while driving the transition to EV across the consumer and B2B segment. With this partnership, we look to further enhance our manufacturing capabilities to meet demand and utilize Mahindra Group’s robust supply chain to reach newer centers in the country. The long-term partnership will also see both the companies make the most out of each other’s deep knowledge of EVs and drive new product development in the next few years. We look forward to creating more synergies with them in the near future,” as commented by Naveen Munjal, MD, Hero Electric.
Furthermore, this partnership will also be a key factor in developing a platform that will bridge the gap between the two companies and help in the electrification of the Peugeot Motorcycles portfolio. This will further bring value to both Hero Electric and Mahindra through optimization of cost, timelines, and shared knowledge in this dynamic. A seamless channel of communication will be created between both brands. This will help in sharing knowledge among the R&D teams to build new products and technologies. Having said that, it will be done keeping both Indian and global markets in mind.
“Peugeot Motorcycles has ambitious plans in the EV mobility space in several regions of the world and particularly in Europe. This strategic partnership will bolster these efforts through joint development and a platform-sharing approach leveraging the combined strengths of the two businesses. Our R&D Centre in India will be integral to this arrangement as will the manufacturing facility at Pithampur, which already supplies Peugeot with EV products. I see significant value creation on a mutually beneficial basis and look forward to this partnership delivering on its obvious promise,” as commented by Rajesh Jejurikar, Executive Director, Auto & Farm Sectors, Mahindra & Mahindra Ltd.
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