Hero MotoCorp forays into electric segment; launches VIDA V1 at 1.45 lakh

PTI, Oct 8, 2022, 11:32 AM IST

Image Source: Carandbike.com

The country’s largest two-wheeler maker Hero MotoCorp on Friday forayed into the electric vehicle segment with the launch of its first electric scooter VIDA V1 priced at Rs 1.45 lakh (ex-showroom).

The company has introduced two trims of the scooter — VIDA V1 Plus and VIDA V1 Pro — tagged at Rs 1.45 lakh and Rs 1.59 lakh, respectively.

The VIDA V1 Plus comes with a range of 143 kilometres, while the VIDA V1 Pro comes with an enhanced range of 165 kms on a single charge.

The company will commence sales of the electric scooter in Bengaluru, Delhi and Jaipur before scaling up to the new locations.

The bookings will start on October 10 and deliveries will commence from the second week of December.

Speaking to reporters on the sidelines of the launch, Hero MotoCorp Chairman and CEO Pawan Munjal said the company will add new locations gradually while utilising its existing strength in terms of strong sales infrastructure across the country.

”We will not go for high volumes right up from the start. We will open bookings in another eight cities in December followed by more cities. As we ramp up production, we will open in more cities,” he stated.

Munjal said the company has begun its journey in the electric segment with a product which comes with a host of premium features.

”It does not mean that we will never have a more affordable product in terms of pricing. Surely, there will be going forward,” he noted.

The electric scooter would be produced at the company’s Chittoor-based plant in Andhra Pradesh and compete with the likes of Bajaj Chetak, TVS iQube, Ather Energy, Hero Electric and Ola Electric among others.

”The VIDA V1 will play a crucial role by reducing tail-pipe emissions, promoting eco-friendly behaviour and leading to a conscious shift in overall consumption patterns,” Munjal said.

He noted with a modular plant in Chittoor, the company would be able to enhance the production capacity as and when required according to the demand.

When asked if the company would also look at exporting the VIDA V1, he said: ”We have a plan to go to Latin America, Bangladesh, wherever we have joint ventures. We have immediate plans for Europe.” On the timeline for commencing exports, Munjal said ”it won’t take us a year” to go to global markets.

When asked if the company would also look at introducing electric motorcycles, he said that the company would look at bringing in such models at a later stage.

Last month, the company announced to invest USD 60 million (about Rs 490 crore) in US-based Zero Motorcycles to jointly develop electric motorcycles.

”We are big in motorcycles today and as of today and in the foreseeable future there is not much happening in bikes (electric space). On scooters, we are not big today so this is an opportunity for us to take off in the scooter space as well,” Munjal said.

He further noted that a complete transformation to the electric segment would take some time in a country like India.

”While many companies are giving certain date to switch over to EVs, we must remember that in a country like ours it is not an easy task, it is an uphill task. We are going to do that (electric) but ICE (Internal Combustion Engine) is here for some time and we have enough and more coming in the ICE segment,” he added.

On spinning off the company’s electric business into a separate entity, Munjal said the company continues to evaluate its operating structures and act accordingly.

On Hero MotoCorp’s equation with Ather Energy, he noted: ”We are strategic investor in Ather Energy and we keep exchanging technologies among ourselves and teams are working on mutually (being) able to use the charging infrastructure between the VIDA and Ather vehicles.” Hero MotoCorp has a stake of over 35 per cent in the Bengaluru-based electric two wheeler maker.

On chip shortage issue, Munjal said that all such issues are sorted now.

The VIDA V1 comes with a removable battery encompassing five-year warranty for 50,000 kms.

Both the VIDA V1 variants come with four riding modes — Sport, Ride, Eco and Custom.

Hero MotoCorp has also introduced a buy-back scheme with an assurance of vehicle buy-back at 70 per cent of purchase value between the 16th to 18th months of vehicle ownership.