In recent times, Hero Cycles has collaborated with Japan’s Yamaha Motor Co Ltd to unveil the 'Lectro E-cycle powered by Yamaha', India’s first center motor E-cycle.
Hero Cycles is looking at investing around Rs 1,000 crore to strengthen its e-cycles business. The capital will be used to boost global design and R&D and to set up a manufacturing unit.
Some part of the investment might also be utilized to build a strong retail distribution network.
In recent times, Hero Cycles has collaborated with Japan’s Yamaha Motor Co Ltd to unveil the 'Lectro E-cycle powered by Yamaha', India’s first center motor E-cycle. Priced at Rs 1.35 lakh, Lectro targets adventure e-cycling in India.
Aditya Munjal, Director of Firefox Cycles Limited and Hexi, said, “The premium product is the first outcome of the three-way strategic partnership formed last year between Hero Cycles Ltd, Yamaha Motor Co Ltd and Mitsui & Co Ltd. The alliance, brought together by Mitsui & Co Ltd, is aimed at creating technologically superior high-performance products through collaboration between Hero Cycles and Yamaha Motor's electric drive units, with go-to-market sales, distribution & marketing support by Mitsui & Co Ltd.”
Hero Cycles aims to sell around 45,000 units of Lectro this year, with around 50% to be exported to the UK and EU. The company will be using its already existing distribution network through UK-based Avocet Sports to export and sell Lectro in Britain and the EU. In the domestic market, Hero’s main target is metros and urban markets.
Want to invest in an electric vehicle franchise? Visit Franchise India 2019, Asia’s Biggest Franchise & Retail Show, and give wings to your entrepreneurial dreams.