We’ve had enough news on Hero MotoCorp tying up with a few International companies taking up their long term plans and actions into consideration. Now, its subsidiary Hero Eco Ltd, which deals with the company’s electric vehicles and cycles as well has tied up with Electrovaya, a Canada based company to work on implementing electric bikes powered by Lithium ion cells.
Hero Eco had recently decided to mark its expansion into the Europe and North America regions. The company had adapted overseas acquisition strategy to foray into these markets and are on their feet to get this done. The European and North American markets are less price – sensitive when it comes to Electric vehicle market and this is the reason for the group for having chosen this market. With the coming up of lithium ion powered electric vehicles, the group focuses to expand its reach and market presence to nearly 22 countries.
There is also a reason as to why Hero Eco chose Electrovaya. The company recently acquired Miljobil Grenland in Europe, which was a part of Tata group earlier. According to a recent press release from Electrovaya, “Hero’s expansion into Europe fits well with Electrovaya’s recent acquisition of Miljobil Grenland in Europe. Miljobil is a lithium ion battery pack integrator, which was earlier part of Tata Motors.”
Business Line had reported that, ‘The Indian Government’s recent EV policy calls for a Rs 23,000-crore plan to promote the production of electric (EV) and hybrid vehicles over the next eight years, and set a sales target of 6 million units by 2020. The policy includes aspects such as incentives to customers, charging infrastructure, research and development funding and creation of EV zones.’ With Hero Eco concentrating on this segment, the company is sure to reap more benefits when hybrid vehicles and EVs have started becoming an integrated part of human life.
We’d earlier been reporting on Hero Motocorp’s plans to foray into the African and Latin American markets. Now with the latest plans, the Hero group as a whole would take a giant leap in making its foothold felt in many markets across the globe. Good Luck to Hero Group for its future plans!