Published at May 24, 2024 by BikeJunction
Hero MotoCorp will expand its Vida lineup by launching new electric scooters by September 2024. Currently, Vida offers the V1 Plus and V1 Pro, priced at Rs 1,19,900 and Rs 1,49,000, respectively. With competitors like Ola Electric and TVS offering more affordable options, Hero is expected to introduce new scooters. Its upcoming electric scooter will cost around Rs 1 lakh. The company plans to launch scooters in affordable, mid-premium segments throughout the year.
Hero Vida's V1 models are premium scooters featuring touchscreen displays, Bluetooth connectivity, and removable batteries for easy charging. The new launches aim to enhance Hero's presence in the electric two-wheeler market. Hero MotoCorp’s Chief Business Officer, Swadesh Srivastava, confirmed the expansion plan, highlighting the company's aggressive strategy to grow its EV portfolio in FY25.
The electric vehicle (EV) maker announced it will be launching electric scooters in “each of the three segments of premium, mid and mass”. The brand plans to offer options for buyers with all kinds of budgets. Moreover, the Chief Business Officer- of Emerging Mobility BU, Swadesh Srivastava, said, “people are launching products with the smaller battery, and obviously in our portfolio that also exists and will come out in the due course of time.”
Swadesh Srivastava also indicated that Hero MotoCorp might lower the prices of the V1 Pro and V1 Plus. He said, “we are prepared on reduced subsidy as well and obviously as Niranjan Gupta (Chief Executive Officer, Hero MotoCorp) mentioned aggressively working on our cost reduction roadmap.”
Furthermore, on Production Linked Incentive scheme certificate, he said, “...as an entity we already have the certificate for PLI. Now the upcoming products, which we have mentioned last time, we will be launching very soon in the H1 of this year, you will see those getting the PLI benefits very soon”. ( PLI is a scheme that offers subsidies to boost local manufacturing of electric vehicle parts. These savings should be passed on to new products, making them more competitively priced.)
Niranjan Gupta also said that cutting off the subsidies entirely shouldn’t happen. He said, “we believe that subsidies will be required for a bit longer period of time to support the industry”.
The brand is working on cost reduction strategies, possibly including smaller battery packs. Hero is ready for a market with reduced subsidies, as the FAME 2 subsidy ended on March 31, 2024. Moreover, it was replaced by EMPS 2024, which offers fewer savings. Consequently, electric vehicle prices have increased.
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