Hero MotoCorp, a significant name in the Indian two-wheeler market, plans to update over 500 stores in FY2024 and introduce the most significant number of premium bikes. CEO Niranjan Gupta revealed several additional new programs, urging industry observers not to make assumptions about the future of the EV business based solely on its current leader.
Hero MotoCorp To Invest Rs 1500 Crore in EV Segment
Hero MotoCorp plans to spend heavily in both the premium and electric vehicle (EV) markets. According to Hero MotoCorp CEO Niranjan Gupta, the majority of the company’s capital price of Rs 1,500 crore will be spent on manufacturing premium motorcycles and electric vehicles. The action is in line with evolving policies around electric vehicles (EVs), as Gupta predicts significant changes in the landscape over the next 2-3 years.
Gupta suggested industry observers avoid making assumptions about the future of the EV market based on its current leaders. He believes that the market will change rapidly, which will bring with it both opportunities and challenges. Nevertheless, Hero MotoCorp is committed to making capex investments in the range of Rs 1,000-1,500 crore.
Hero MotoCorp intends to revamp over 500 stores in the coming months
Hero MotoCorp intends to launch the number of premium bikes in its history in FY24. The move is aimed at meeting the growing demand for high-end motorcycles in the Indian market. Gupta further said that the company intends to remodel more than 500 stores in the coming months.
Hero MotoCorp 2.0 is an initiative that the corporation is launching to improve the customer experience by revamping its dealerships. The effort aims to provide a modern retail experience that meets the demands of the coming generation of customers. To improve brand image, the business intends to open exclusive premium stores in specific markets in addition to converting over 500 existing locations in the coming months.
Hero MotoCorp is advancing EV technology with its Vida electric scooter. After successful pilot testing in three cities, more than 100 communities will have access to e-scooters. Within the next 12 months, Hero Bikes intends to sell the Vida in more than 200 locations across India. This initiative demonstrates the company’s dedication to strengthening its market share in the EV industry.
Hero MotoCorp plans to update 30 to 40 percent of its existing network, which includes around 1,000 primary dealers, to focus on premium accessories and sales of electric vehicles (EVs) for retail.
