Hero Electric has partnered with SUN Mobility to provide smart-swappable battery technology to electric two-wheelers. Hero Electric and SUN Mobility will jointly begin deployments in the next three months as part of the partnership, with a goal of deploying 10,000 electric two-wheelers by the end of 2022. As per the company’s statement, the decision is in accordance with the Finance Minister’s announcement during the Union Budget to implement a battery swapping policy and recognise battery as a service to accelerate EV adoption in India.
Hero Electric’s customers will be able to own electric two-wheelers without having to worry about battery and charging infrastructure due to SUN Mobility’s battery technology and interoperability of battery swapping infrastructure. Quick Interchange Stations are located throughout the company’s network (swap points). The service is also available on a pay-per-use basis. According to the company’s statement, both the companies will develop an ecosystem in which customers will have access to the latest battery technology throughout the product life cycle without having to pay for them repeatedly. They would also collaborate together on new financing options to make it easier for customers to switch to electric vehicles.
In January 2022, Hero Electric partnered with the Mahindra & Mahindra Group (M&M) to promote electric vehicle (EV) mobility. As part of the agreement, M&M would 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.