Hero Electric targets 250% rise in sales

Aiming to become a global leader in Electric Vehicle (EV) category, the company would be exporting 10 per cent of its total volume, Managing Director Naveen Munjal told reporters here.

To cater to the increasing demand for EV models, he said Hero Electric has doubled production capacity at its Ludhiana factory from 220 units a day to 440 units a day. It would invest about Rs 80 crore for further expansion and for R&D.

Announcing the launch of a new range of Electric scooters in the low and high speed EV category, he said his company's vision is to provide low cost, high performance, non polluting vehicle to the common man.

The southern states have been identified as high potential territories for electric vehicles and accelerated growth is being forseen, he said.

Kerala reported sales of over 2,000 units in 2007-08 and is targeting sales of over 6,000 units this year. The dealership network would be doubled from the present nine in the state, he said.

While Hero Electric already has two successful low speed electric scooter models -- Hero Maxi and Hero Optima -- in the market, he said the company will soon introduce a new range of Electric scooters in the high speed category as well.