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Hero MotoCorp explores new revenue streams with electric vehicle shift; looks beyond two-wheelers

Along with the launch of an electric two-wheeler this year, Hero MotoCorp will explore new business models such as EV batteries and charging networks apart from battery as a service and vehicle as a service.

July 12, 2021 / 09:24 AM IST
File image: Pawan Munjal, CMD of Hero MotoCorp

File image: Pawan Munjal, CMD of Hero MotoCorp

 
 
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With the shift to electric vehicles imminent, Hero MotoCorp, the country’s largest two-wheeler manufacturer, is exploring business models in the areas of EV batteries and charging networks to generate new revenue streams.

The maker of Splendor motorcycles and Maestro scooters will launch its first-ever electric two-wheeler in FY22 in an attempt to grab a slice of the expanding market for battery-powered vehicles.

Looking for opportunities as demand gradually moves to battery-powered electric vehicles, Hero MotoCorp said in its latest annual report that it will explore new business models such as battery as a service and vehicle as a service.

Since starting operations in 1983 with the rollout of its first two-wheeler, Hero MotoCorp has not diversified into new business models till date. Venturing into a service-oriented business model with electric vehicle batteries as well as vehicles as service will be a first for the company.