Hero Electric YTD FY22 sales cross 50k units milestone; On track to achieve 2x sales in the fiscal
Hero Electric is keen on seeing market share improve at the end of the current fiscal. Increased demand has helped the manufacturer sell over 50k units for the ongoing fiscal. At the end of October 2021, sales stood at 50,331 units. With demand on track, the company would be watching production with a keen eye.
Its current production capacity expansion means the company is in a position to manufacture 5 lakh scooters a year. In a market that’s still tiny in terms of unit sale/volume, Hero Electric enjoys 36 percent market share.
Demand for electric two-wheelers
This can in part be attributed to select tax or tariff incentives on sale of specific EV categories. The EV transition is slowly but surely shaping up. This can be analysed though an increase in demand for EVs, especially in Europe where they are now more popular than ever before. Research firms show that by the end of the decade (2030), there will be a sizeable increase in EV demand.
In recent months, electric two-wheeler sales in India has seen more movement than ever before. The ever growing e2W market has grown substantially in recent months, largely owing to a boost in demand for such offerings.
With a focus on boosting domestic production for EVs and supporting customers with a wide range of ride ranges, Hero Electric is well positioned to take advantage of growth in the industry. With no sign of slowing down, e2W manufacturers show great interest in increasing production and making more.
Car buyers are also shying away from petrol-powered cars, which is causing a surge in electric vehicle sales. Diesel cars have always been vindicated. And the two-wheeler market in India continues to post numbers that are collectively mindboggling. Electric vehicles are significantly cheaper to maintain with running costs being significantly lower than fuel costs.
And fuel as we know it is starting to look like an expensive commodity. And electric two-wheelers are also popular because they’re presented as less polluting, generating significantly less air pollution than gas-powered vehicles, and they produce no emissions during operation.
Hero Electric Waiting Period
Sohinder Gill, CEO, Hero Electric, said, “While we are happy celebrating the delivery of 50,000 bikes to the customers, we owe an apology to another 16500 customers who are on the waitlist for deliveries and may have to wait for a few more weeks. We are ramping up our capacities quickly to offer to customers their Hero choice of bikes as they walk into our showrooms.
This is the moment to acknowledge the positive steps of the government that catalyzed this high growth EV ecosystem, and thank our customers, our business partners and above all our solid Hero team that has worked so hard to reach this milestone. We’ll soon have half a million satisfied users, many of them happily enjoying the comfort and convenience of Hero E bikes for more than 5 years; saving a fortune for themselves while contributing to a carbonless future.”