Hero Motors speeds up EVs project presenting a new model, ready to be launched in March 2022. The scooter seems not innovative and should anticipate the line up produced as effect of the recently signed partnership with Gogoro. Meantime, global sales fell down 35% vs 2019.
McD tracks new vehicles registrations across the World (over 80 countries), reporting data on calendar year. When you wish to compare data reported by us to those declared by the manufacturers, consider they usually report their “sales” (vehicles invoiced), which are usually different from “registrations”, accordingly with their fiscal year split.
Hero Motors speeds up the EVs plans
In a livestream at the company’s 10th anniversary celebrations, Hero MotoCorp chairman Mr. Pawan Munjal showcased the company’s upcoming electric scooter, which looks to be near-production-ready.
In April this year, Hero inked a strategic partnership with Taiwan-based Gogoro to develop the EV and charging network in India. Meanwhile, it is also working on its very own electric two-wheeler, which has been co-developed at its R&D centres in Germany and CIT, Jaipur, ready alongside its project with Gogoro.
While the company has not revealed any details about its first EV, the teaser reveals a 12-inch wheel at the front and a 10-inch unit at the rear. The rear wheel also doesn’t appear to have a hub-mounted motor. Interestingly, it is also equipped with a single-sided swingarm, similar to the Bajaj Chetak. This is unlike the conventional double-sided ones found on Gogoro EVs in Taiwan.
Hero’s electric scooter also doesn’t share any major styling elements with the Gogoro electric scooters, so we assume this project started before the partnership. The vehicles looks in line with “traditional Indian market and not innovative. The launch is expected in March 2022 and few months later the arrival of the first line up produced with Gogoro will probably immediately aged this one.
Global Registrations Data in 2021
Following the huge sales lost reported in the 2020, with over 1.3 million lost from the previous year, Hero Motor is recovering in the 2021 while sales are still penalized by the recent shutdowns for plants and dealers in India, not balanced by positive figures reported in South America and Africa.
After a moderately recover posted in the first quarter (+ around 200.000 sales) in the second quarter the Indian company kept struggling and after an “easy” comparison towards the 2020 near-to-zero sales reported in April and May, in June the performance was again awful with sales declining near the half compared with the 2020 and two-third compared with 2019.
As consequence, the global Hero registrations at the end of June 2021 (Jan-June in this calendar year) have been 2.38 million, up a mere 22.1% compared with the same period 2020 but down 35.5% compared with the 2019.
In the Indian region, Hero is penalized by the still strong covid19 presence in India, but even by the block to import in Sri Lanka, not balanced by growth in Bangladesh. In South America sales are almost positive in Colombia, Peru and Dominica Republic.
Hero Motor Company heritage
Hero is headquartered in New Delhi, India.
The company was established as a joint venture company between Honda Motor Company of Japan and Hero Group. In the year 1983 they signed a joint collaboration agreement and formed the company. The joint venture between India’s Hero Group and Honda Motor Company Japan has not only created the world’s single largest two-wheeler company but also one of the most successful joint ventures worldwide
In the 2011, the Munjal family holding, Indian Promoter Group, and Honda Motor Co Ltd Japan (Honda) entered into a Share Transfer Agreement to transfer the entire Honda’ shareholdings of 26% in the Company to the Indian Promoter Group bringing an end to the joint venture between the two promoter groups of the company.
The acquisition was completed on March 22 2011 and the shares held by Honda were transferred to the Indian joint venture partner. In addition to the Agreement the Indian Promoter Group and Honda also entered into a License Agreement which has given to the company the right and license to manufacture assemble sell and distribute certain products and their service parts under their Intellectual Property Rights.
In July 2011 the company changed their name from Hero Honda Motors Ltd to Hero MotoCorp Ltd.
In 2015 the company commences operation in their first ever plant outside India established in Villa Rica Colombia.
On 10 March 2016 Hero formally inaugurated its world-class `Global Centre of Innovation and Technology’ (CIT) in Jaipur Rajasthan. Built with an investment of Rs 850 crore the CIT will design and develop world-class products for global markets
On 12 January 2017 Hero launched new Glamour motorcycle in Argentina its first-ever global launch of a new product outside India.
In May 2017 Hero commenced commercial production at the second global manufacturing facility in Bangladesh. On 7 November 2017 Hero unveiled the Xpulse Concept motorcycle as a world premier at the EICMA annual trade show in Milan Italy.
In the 2017 Hero hit the milestone of 75 million motor sold since the 1984.