Hero Electric ended the 2022 calendar year on a high with e-scooters sales crossing the one lakh mark. One of the oldest players in the electric scooter segment, the company’s cumulative volumes have crossed over six lakh units since inception.
However, the previous year also saw Hero Electric among other electric two-wheeler players under scanner for misappropriation of FAME subsidies. The company said that this did affect its volumes, nearly reducing it to half than originally planned.
Nevertheless, Hero Electric says it is focused on building a holistic EV ecosystem to support the growth of electric two-wheelers and that has led to multiple partnerships through the last year for charging. servicing and financing. The manufacturer also revealed that the city-speed category and the rampant electrification of the last-mile delivery segment steered the upward trajectory for its sales last year. The improvement of infrastructure and customer awareness further improved volumes for the company.
Speaking on the sales report, Sohinder Gill, CEO, Hero Electric, said, “The EV business is so very different from an ICE vehicle business. We started from a ‘so-called green field’ but with not a single blade of grass 15 years back! We had to nurture the EV category like a delicate sapling and also protect it from headwinds that surprisingly came from the businesses that felt the heat of the exponential EV growth. One such hurdle thrown our way in 2022 was the carpet bombing of a tirade of malicious carefully curated incessant campaigns to bring down the top electric two-wheeler players including us, carpet bombing all the ministries and the media. These faceless Swiss-based mails slowly spread their net to 12 EV players, leaving only the legacy players untouched. These mischievous elements were able to pull down our volumes to half of what had been planned but could not deprive us of the market leadership position. Achieving a historic high sale under such extraneous factors was no mean task and is a solid example of the grit and determination of team Hero to remain the real heroes against all odds. Our special thanks to our network, suppliers, and partners to make this happen.”
Hero Electric aims to sell over five million electric vehicles in the next three years. The company is rapidly expanding its production facilities, dealer network as well as training staff to create an ecosystem necessary for making EVs more mainstream. The manufacturer says it aims to re-skill over 25,000 mechanics to work on EVs, while it has a target to install up to 20,000 charging stations through partnerships. The company’s second manufacturing plant is currently under development in Ludhiana.