The investment of Rs. 700 crore on a new electric vehicle manufacturing facility with an annual capacity of 10 lakh units will bring in huge opportunities for wire and cable manufacturers in India.

July 13, 2021

Hero Electric Vehicles will invest Rs 700 crore by 2025 to rev up its business expansion, including setting up a new manufacturing unit, for which it has raised Rs 220 crore to part-fund the activities.

The company is planning to set up a new manufacturing facility with an annual capacity of 10 lakh units besides increasing production at its current plant at Ludhiana to 3 lakh units per annum from 75,000 units at present, as it targets to sell around 10 lakh units a year by 2025-26.

Watch: Wire & Cable Indian Fortnightly News.

Moreover, it is also ramping up research and development (R&D), marketing, dealer network expansion, along with expanding its supply chain, service network and charging stations in order to cash in on the explosive growth in demand for its electric two-wheelers.

Also Read: India Electric Vehicles Sales to Grow at 26% by FY23.

Mr. Naveen Munjal, Managing Director, Hero Electric states, “What we’re doing now is expanding our capacity from 75,000 units to about 3 lakh units. While we are building this up, we’re also planning on the next facility which is going to be about a million units per year and that we believe is not very far off now. It’s going to be sooner rather than later.”