Hero Electric has partnered with the Mahindra & Mahindra Group (M&M) to promote electric vehicle (EV) mobility. As part of the agreement, M&M will produce Hero Electric’s Optima and NYX electric vehicles at its Pithampur plant. The transaction is expected to be worth Rs 1.4-1.5 billion over the contract period of 5 years.
As per the company’s statement, Hero Electric will meet its demand of manufacturing over 1 million EVs per year with this partnership and the expansion of their existing Ludhiana facility. The collaborative efforts will also be critical in developing a platform approach to assist in the electrification of Peugeot motorcycles, in which M&M has a controlling stake. It is expected to bring value through the optimisation of costs, timelines, and shared knowledge.
In September 2021, Hero Electric signed an agreement with Massive Mobility to develop 10,000 EV chargers across the country. This is expected to increase its charging infrastructure by tenfold. A 16 amp charging connection, Wi-Fi network, and meter are all planned for the charging stations under this arrangement. The Wi-Fi network is being set up to make it easier for potential consumers to join and make payments. In July 2021, Hero Electric had also declared that it had raised Rs 2.2 billion as the first part of its Series B funding.