Hero Pulls out of Daimler Commercial JV
Hero Group has now pulled out of its JV with Daimler to produce commercial vehicles. Hero Group cited difficult economic situation and weak demand in India as the reason of withdrawing from the joint venture.
"We are disengaging from the joint venture, but the company (joint venture) will continue to exist and run by Daimler. The reason for it is the current economic slowdown and we would not like to commit such big investment in the circumstances," Hero Corporate Services Chairman Sunil Kant Munja.
Daimler said Hero will maintain a conservative profile from now on. It will focus on its core business and return its 40 percent stake in the joint venture, Daimler Hero Commercial Vehicles Ltd., to its Daimler Trucks unit. No financial details of the break up were revealed.
"In light of the current economic downturn, declining market conditions and the group's strength, Hero Group has decided to maintain its focus and continue to grow its core business and not to pursue the commercial vehicles business at this time," said Sunil Kant Munjal, the chairman of Hero Corporate Service Ltd.
[Via: cartradeindia]
Hero Electric to launch 7 electric vehicles in 2009
Hero Electric, the division of the branched out Hero group, is planned to introduce a collection of electric bikes during this year. Adding, it includes their initial "high speed" bike assortment within a period two months.
The company has decided to release at least seven more models in this calendar year and it encompasses two in the group of high speed, said Mr. Naveen Munjal, the managing director of Hero Electric.
Under the high speed group, the electric bikes with 25 km/hour speed are included. Further, high speed sort of Hero Electric will have the potential to cope 45 km plus speed, said Mr Munjal
Currently, the company holds about nine models in its firm comprising Maxi, Optima Plus and the lately introduced Wave. Moreover, we anticipate putting in at least seven more models in this year. Further, the company will be enlarging their dealership network, he said.
[Via: Vicky]
Ultra Motor reveals it’s plans for India
Ultra Motor Company(UMC) has re-affirmed it's milestones for the Indian market. After successful achieving it's goals in FY07-08 the company has set a growth target of over 50% for FY08-09. The global electric vehicle company is also planning to have 180 dealerships across the India by end of March this year.
Additionally, the company is also looking forward to associations with BTL agencies to enter the semi-urban markets as a part of it's marketing strategy for FY10. UMC is planning to augment numerous BTL initiatives to support it's distribution network and increase organic growth.
According to Joe Santana, Chairman, UMC, UK, India is one of the largest two-wheeler markets in the world and hence continues to be one of the most important markets for them. Santana also said that the company will remain focused on their plans for the Indian market and are committed to grow in the electric two-wheeler market in India.
The UK-based company currently sells electric scooters for both the high speed and high range category of electric two-wheelers in India. UMC has already established the range of 'Ultra Motors' electric scooters with over 160 dealerships across 17 states.
[Via: Bike]
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