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Hero Electric posts over two-fold jump in festive season retail sales

Hero Electric on Wednesday reported over two-fold jump in festive season retail sales at 24,000 units during October 1 to November 15, 2021

Hero Electric

Press Trust of India  |  New Delhi 

Hero Electric to raise capacity at Ludhiana plant to 500k units in 6 months

on Wednesday reported over two-fold jump in festive season retail sales at 24,000 units during October 1 to November 15, 2021.

The company had clocked 11,339-units in the same period a year ago, the company said in a statement.

The recent amendment in FAME II policy (Faster Adoption and manufacturing of electric vehicles in India), which offers increased upfront incentives for electric two-wheelers and rising fuel prices has propelled the demand for electric vehicles resulting in heightened demand, the company said in a statement.

Commenting on the sales performance, CEO Sohinder Gill said, "we saw two clear indicators in our showrooms this festive season. A significant percentage of customers chose Hero E bikes over the petrol bikes and many factored environment and sustainability as influencing factors in their purchase."

This is a good indicator for Hero and the E2W industry to step into exponential growth and bring around an EV revolution that will help reduce air pollution, he added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, November 24 2021. 13:45 IST