Hero Electric looks for a sales uptick with the rollout of next-gen Optima and Nyx

Hero Electric has announced new additions to its product lineup, the Optima CX5.0 (dual battery), Optima CX2.0 (single battery), and NYX (dual battery) electric scooters, priced between Rs 85,000 and Rs 1.3 lakh, which will be replacing the previous generations of the same models.  Despite not getting FAME2 grants by the government for the last few months, the company will be offering 50 percent of the subsidised amount to its customers.

The company, which is also a pioneer in the electric two-wheeler or E2W industry, claimed that all three electric scooters come equipped with Japanese motor technology for a smooth ride and German ECU technology to withstand varied Indian weather conditions.

Also read: Two-wheeler sales cross 1 lakh mark in 45 days this year, but industry body SMEV not impressed

The Optima CX2.0 is equipped with a 1.9kW motor and powered by a 2kWh battery pack, providing a range of 89km per charge and a top speed of 48kmph. The  Optima CX5.0  and Nyx are equipped with a 1.9kW motor paired with a 3kWh lithium-ion battery pack, resulting in a range of 113km for both models and a top speed of 55kmph and 48kmph, respectively.

With the introduction of new models, Hero Electric hopes to break into the top three in the E2 domestic market, which it was leading until a few years ago.

Also read: Hero begins deliveries of Vida V1 electric scooter

As per Vahan data, Hero Electric was in fourth position as it saw its sales decline 8.5 percent in February to 5,855 units from 6,399 units in January mainly due to the withdrawal of FAME subsidies by the government.

Meanwhile, Hero Electric stated that in the ongoing fiscal, the company expects to end with sales of over 1 lakh units and in 2023-24 it could be around 2.5 lakh units.

The E2W maker also affirmed that it is set to roll out over 10 lakh vehicles annually. "We have worked closely with our partners to cater to the surging demand for EVs in the country. As a result, we are proud to announce that we are all set to roll out over 1 million vehicles annually from our manufacturing units," Hero Electric managing director Naveen Munjal stated while launching the models. When asked when the company could touch the 10 lakh units per annum mark, he said it could be in the next two to three years. He added that currently the E2W market is witnessing strong growth and Hero Electric is bullish on a sharp growth rate.

The company is currently setting up a new factory in Ludhiana and will also be establishing a greenfield facility in Rajasthan with an annual production capacity of 20 lakh units with an investment of around Rs 1,200 crore. Besides, through its strategic partnership with the Mahindra Group for a shared facility in Pitampur, Madhya Pradesh, the company now has a manufacturing capacity of 5 lakh units.

Hero Electric has cumulatively sold over 6 lakh units in the 15 years it has been present in the Indian market. (With inputs from PTI)