Hero Starts Export Electric Vehicles
Rising fuel costs are boosting the Indian E-Bike and e-Scooter market. Supported by subsidies and V.A.T. redemptions by regional governments the Indian sales have grown very quickly. Local manufacturer Hero Electric is investing in new assembly lines and facilities to meet the demand.
But Hero Electric is not merely focusing on the domestic market, it is also working on exporting Electric Vehicles (EVs) to other markets. "We have set up an export team to focus on the markets of Latin America and the Middle East. We are planning to begin exports to Latin America from next year," revealed Naveen Munjal, CEO of Hero Electric.
"Our target for the current fiscal year is about 70,000 EVs," said Naveen Munjal. It is planning to sell 125,000 EVs next year. "According to current trends, the Indian EV market could grow to more than 200,000 units in 2009," estimates Naveen Munjal.
Hero is planning to launch a high speed model within the next three months. Currently, it has eight models comprising four e-scooters and four e-bikes. "We launched our new Optima Plus model in July at a price of INR 31,000 (€ 464)."
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