Hero MotoCorp Ltd is one of India’s biggest two-wheeler makers and it will make it the long-awaited entry in India’s thriving electric vehicle market in July through the Vida Brand. The new brand will house the new Delhi based on the automaker’s emerging mobility initiatives which will also include the upcoming launch of the electric two-wheeler. Let’s understand everything about the debut of Hero MotoCorp Electric Scooter Vida.
Hero MotoCorp Electric Scooter Vida Debut on July 1st
All the customer deliveries of the starting product will begin later this year. Also, the company will manufacture the electric vehicle from its factory which is located in Chittoor, Andhra Pradesh.
Hero MotorCorp had announced their plans to launch their first e-scooter in March earlier but on Friday’s announcement, they confirmed that the launch will be delayed for about three months.
The news will send the company’s lower shares, tracking in a Mumbai weak market. Also, the stock will end at 4.32% lower on the national stock exchange, and highly underperforming at 1.5% fall into the benchmark Nifty index and also 3.5% drop into the Nifty Auto index as well.
Hero motocorp announcement will also come in an ongoing arbitration with the hero electric rival over the former’s use of the hero brand name for the electric vehicles.
It is owned by Hero MotoCorp chairman and also by the chief executive Pawan Munjal’s cousin Vijay Munjal and also his nephew Naveen Munjal. Hero Electric is one of the biggest sellers of electric two-wheelers in India’s market which is now growing at a high rate.
Unveiling the new Vida brand logo and the ‘sunrise’ visual identity of Vida, Powered by Hero Dr. Pawan Munjal said, “Vida means life, and the brand’s sole purpose is to create a positive impact on the world and move us all forward in meaningful ways. We believe the name is perfect for what we are building for our children and the next generation. This is truly the dawn of something special. In only 17 weeks from today, we will unveil our Vida platform, products, and services to make the world a better place.”
Last October, hero electric approached the Delhi high court and was looking for an injunction on hero motocorp by using the hero name for its upcoming electric two-wheeler. When the court doesn’t provide an injunction at that time, it will also ask for both the parties in terms to settle the dispute out of court last month.
Two people are aware of the developments in the two companies where they said for the launch of the latest brand which will not mark the end of the arbitration proceedings. Hero MotorCorp registered the Vida brand name in November month of last year.
The Indian market of the electric two wheeler is growing rapidly and all thanks to the favorable government policies to improve the cost of ownership and also the range of the new offering products. As the two wheeler segment is facing particular headwinds amid surging petrol prices and also the high cost of acquisition.
It is the prompting legacy of the two wheeler makers like the hero corp, bajaj auto and also the TVs motor corp in terms to enter into this segment. Startups companies like Ather energy which is owned more than the third by the hero motocorp and also the ampere, okinawa and also the ola electric which presently dominate the electric two-wheeler market. The domestic electric two wheeler market will grow more than 130% to 233,971 vehicles in the year 2021 as per the society of manufacturers of electric vehicles.
In last year, hero moto corp announced a partnership with the Taiwanese two wheeler maker and also the battery swapping infrastructure provider to jointly create an EV which is powered by Gogoro’s swappable solutions into the indian market and also a battery swapping into the joint venture. It is not clear that the first vida electric scooter in July will be based upon direct charging or based upon battery-swap solution.
Hero motocorp domestic sales fell from 16% to 4.22 million vehicles in the first 11 months of the financial year by March as per the company release. The two-wheeler OEMs, TVs motocorp, and also the bajaj auto will launch the vehicles but they need to ramp up the production. Honda motorcycle and scooter India announce that they will launch an EV in the next year and they also add that the OEMs share of the market is likely to change rapidly on the basis of their ability to simply ramp up the capacities.
The Vida brand in an event in Dubai, Pawan Munjal also announced a $100 million global sustainability and was also spearheaded by the automaker and BML Munjal University. Vida means life and brand is the main purpose to simply create a positive impact on the world and they move up forward in a meaningful manner. This is really the dawn of something special and in 17 weeks from today, they will unveil their Vida platform and also the products and services in terms to make the world a better place said Munjal.
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