Hero joins hands with Taiwan’s Gogoro to develop EVs for India
NEW DELHI: Hero MotoCorp has formed a partnership with Taiwan’s Gogoro Inc to develop electric vehicles for the Indian market. The two companies will establish a battery swapping joint venture to bring Gogoro’s battery swapping platform to India and will collaborate on EV development to bring Hero-branded, powered-by-Gogoro Network vehicles to the domestic auto market.
With this partnership, Hero MotorCorp will make its first direct entry into the EV space, which at present is dominated by another Hero Group company, Hero Electric, and Hero MotoCorp-backed start-up Ather Energy. Hero’s main rivals, Bajaj Auto and TVS Motor Company, also already have a small presence in this fast growing category.
India’s two-wheeler EV market saw a 1.6-fold increase in FY21, from 24,839 units sold in FY20 to 40,837 in FY21. Experts believe EVs may account for 25-30 per cent of total two-wheeler sales by 2030.
“Today marks another major milestone in our journey, as we bring Hero’s leadership in two-wheelers, our Global scale and innovation powerhouse, with the leadership of Gogoro in Swapping business model, as they have demonstrated over the years in Taiwan and rest of the world,” said Pawan Munjal, Chairman and CEO, Hero MotoCorp, said.
Founded in 2011, Gogoro is a leading players in battery swapping and smart mobility innovation, and had formed partnerships with OEMs such as Yamaha to build electric scooters with its technology. In Taiwan, Gogoro now has more than 375,000 riders and 2,000 battery swapping/charging stations, which handle 265,000 swaps a day. “With more than 225 million gas-powered two wheel vehicles in India, the need for smart and sustainable electric transportation and refueling is vital,” said Horace Luke, Founder & CEO, Gogoro Inc.