Hero Electric looks at exporting two-wheelers from next year
New Delhi: Hero Electric is mulling two-wheeler exports from next year to various regions including countries in Asia and Africa, a top company official Wednesday said. In the domestic market, the company aims to double its sales in the current fiscal.
It had sold around 30,000 electric two- wheelers in the previous fiscal. Although our primary focus remains domestic market, we will start some exports to some Asian and African countries from next year, said Hero Electric Managing Director Naveen Munjal.
The quantum of overseas shipments would remain small as compared to domestic market where it aims to sell over one lakh units by 2020-21, he added. We aim to double our sales this fiscal and again next fiscal. We are looking at sales of over 1 lakh units per annum by 2020-21, Munjal said.
He said that the company's sales network is also likely to double to nearly 900 dealerships from the current 450 by that period. Munjal added that the company will augment production capacity at its Ludhiana plant to around 80,000 units by April next year and is also looking to invest in a new facility in south India.
On new models, he said that the company would launch at least two new models each year going ahead. Hero Electric currently has a portfolio of four models. The company's products now come with lithium ion batteries offering better range and acceleration.
Munjal said that the biggest hindrance to growth is the lack of long term strategy on part of the government.
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