Hero Moto may launch electric car, looks to expand beyond two-wheelers: Report

Pawan Munjal, CEO, MD & Chairman of Hero MotoCorp (Image Source: Reuters)

Hero Moto, India’s leading two-wheeler company, may launch an electric car as part of its “next leap in mobility,” the Times of India reported.

The report said the auto major is looking “beyond its traditional two-wheeler business” and such “innovations and solutions will form the new line-up” as part of its “vision of future of mobility”.

Moneycontrol could not independently verify the report.

Notably, the company already has a three-wheeler electric vehicle (EV) offering called Quark 1, which is a modular product that can be converted into a two-wheeler based on user requirement. The commercial and/or personal use vehicle has been showcased.

Pawan Munjal, CEO, MD and Chairman of Hero MotoCorp told the paper the company has “rolled out a record 10 crore two-wheelers since its inception in the early 1980s’, and the next 10 crore line-up in all likelihood will not only be a motorcycle, scooter or three-wheeler.”

He, however, shied away from confirming the EV news and said the company has “many options”.

“The seriousness about this vision is huge, among all of us. The vision is to become the future of mobility. This is a vast canvas. Hero Moto has been working out numerous simulations and possibilities in the mobility space, and will craft strategies accordingly,” Munjal said.

“…the possibilities are immense. We can be working in many different areas, (and) follow a certain direction which we believe is doable and workable and makes sense,” he added.

He further said that investments in research and development (R&D), partnerships and collaborations, and innovations will also “be scaled up”, but “there are no confirmed talks with any company at present.”

Munjal was firm that ventures outside the company’s traditional two-wheeler business would be “guided by mobility trends.”