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Mahindra Group joins hands with Hero Electric for electric two-wheelers

Wednesday, 19 Jan 2022
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Mahindra Group and electric two-wheeler manufacturer Hero Electric have announced a joint venture (JV) to manufacture electric vehicles for India together.

The strategic partnership between Hero Electric and Mahindra Group is worth around Rs 150 crore and will continue for the next five years.

With the help of this joint partnership with the Mahindra Group, Hero Electric aims to produce one million electric vehicles per annum by the end of 2022.

The two companies will work towards expansion of the Ludhiana plant in Punjab, owned by Hero Electric to help achieve the target.

As part of this joint venture, the two companies will also jointly produce and develop supply chain and share platform for electric two-wheelers.

Mahindra Group will manufacture Hero Electric's Optima and NYX scooters at the manufacturer's Pithampur facility.

The joint venture will also work towards electrification of Mahindra-owned Peugeot Motocycles’ portfolio.

The two companies aim to create a seamless channel of communication to provide knowledge sharing among the R&D teams to build new products and technologies. This will be done keeping the Indian and global markets in mind that will help in growth of electric vehicles.
 
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