HMSI to enter EV space this fiscal, eyes a third of sales from the segment by 2030

Speaking to reporters on the sidelines of 64th SIAM annual session here, HMSI Director (Sales and Marketing) Yogesh Mathur said the company will be entering the EV segment this fiscal.

Honda Motorcycle & Scooter India is looking to enter the electric vehicle segment this fiscal and eyes one-third of its overall sales to accrue from the segment by 2030.

Speaking to reporters on the sidelines of 64th SIAM annual session here, HMSI Director (Sales and Marketing) Yogesh Mathur said the company will be entering the EV segment this fiscal.

He noted that the contribution of electric two-wheelers in overall two-wheeler sales was continuing to grow.

"And what we understand is that by 2030 there will be a major shift towards EVs and we have announced that by 2030 in our lineup also..one-third at least will be coming only from EV models," Mathur said.

The EV model is being developed jointly by HMSI and Honda teams, he added.

On capacity utilisation at its plants, Mathur said the company's plants were currently running at full capacity.

The company will be tweaking the production capacity further in terms of per day basis, he said.

HMSI has an installed production capacity of 62 lakh units per year.

On being asked if the company plans to come out with a new manufacturing facility, Mathur said: "We are studying those options. So all those options are also in pipelines".

On sales expectations in the festive season, he said it could turn out to be one of the best years for the two-wheeler industry.

When asked when the industry can get back to the sales peak of 2018-19, Mathur said: "It should take around three to four years".