Joint developmental work on a performance electric motorcycle is underway between Hero MotoCorp and California-based manufacturer of premium electric motorcycles and powertrains, Zero Motorcycles. While the launch date is not yet known, Hero MotoCorp’s first-ever electric motorcycle will roll out in FY2026. In March 2023, the two companies had signed agreements to co-develop premium electric motorcycles.
- It will cater to the ‘performance’ segment
- New e-scooter model also coming soon
- Very few electric bikes available on the market today
In a mid-November 2024 analyst call, Niranjan Gupta, chief executive officer, Hero MotoCorp, said: “As far as EV motorcycles that we are developing in partnership with Zero Motorcycles, while we have not given out the timeline, it would not be too far off. And it will be coming in the middleweight segment. I would say it's in the advanced stage. That's what we are working on and it will come in the performance motorcycle segment."
In the same analyst call, Swadesh Srivastava, chief business officer- Emerging Mobility BU, Hero MotoCorp said: “On the scooter side, while we are selling the two models right now, you will see expansion to other price segments happening before the end of this calendar year. And within six months of that, you'll see even further expansion going into other user segments. So, we'll have a very robust portfolio within six months.”
Also See: Hero to co-develop e-bikes with US-based Zero Motorcycles
Hero-Zero e-motorcycle will look to tap 'white space' in market
While the bulk of the demand for electric two-wheelers in India is catered to by e-scooters led by Ola Electric, TVS Motor Co, Bajaj Auto and Hero MotoCorp, customer demand for electric motorcycles is slowly on the rise.
Of the few e-motorcycle makers in the country, Revolt Motors is the one which is seeing the maximum demand. As per Vahan retail sales data, Revolt has sold a total of 6,948 units in the first 10 months of CY2024. The company currently has three products: the RV400, RV400 BRZ and the recently launched RV1. TVS-backed Ultraviolette, which markets the F77 Mach 2 performance e-motorcycle, has sold 305 units between January and October 2024.
Given the paucity of products in the electric motorcycle segment in India, Hero MotoCorp will be looking to make inroads with its jointly developed middleweight e-bike with Zero Motorcycles.
The collaboration essentially combines the expertise of Zero Motorcycles in developing powertrains and electric motorcycles with the scale of manufacturing, sourcing and marketing prowess of Hero MotoCorp, the world's largest two-wheeler manufacturer.
Growing demand for Vida e-scooters
Hero MotoCorp, which is the last of the big legacy players (along with Bajaj Auto and TVS Motor Co) to enter the EV market in India, is seeing demand pick up for its Vida brand of e-scooters.
The company, which hit its best-ever monthly retails of 7,309 units in October 2024, clocked 443 percent YoY growth on a low year-ago base of 1,937 units. The strong performance is seen in Hero MotoCorp’s increased market share to 5 percent from 1 percent in October 2023.
Meanwhile, Hero MotoCorp has started scaling up brand presence for Vida and its network now stands at 203 touchpoints across 116 cities. The company, which has the V1 Plus and V1 Pro models, plans to expand its portfolio within FY2025. It already has around 2,500 charging stations in collaboration with Ather Energy, in which Hero MotoCorp is an early investor.
Like all the leading EV manufacturers aiming to produce affordable EVs, Hero MotoCorp is also focusing on reducing product cost. In an earnings conference call on August 14, Niranjan Gupta, CEO, Hero MotoCorp said: “We are working very aggressively on the powertrain side to bring the costs down by technological improvements, by localisation and by bringing scale. You will see that benefit coming out into our further launches as well. You'll see affordable products coming out later this year.”
Also See: Hero-partnered Zero electric bikes to be made and sold in India