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NEW DELHI: Electric two-wheeler maker Hero Electric is stepping up efforts to expand presence in global markets with a focus on North America and Europe.
The company that sells a total of 30,000 units of electric two wheelers annually, is also looking for technology transfer from international companies for product enhancement.
Hero Electric already exports to some parts of North America and West Europe in small numbers through distributors.
"Now, we are working on tying up with more distributors and strengthen presence in the remaining parts of Europe and North America," Hero Electric Managing Director Naveen Munjal told PTI without giving details.
He said the plan to set up an assembling unit overseas was also in the pipeline, however, nothing has been finalised so far.
Asked whether the company was looking for a joint venture opportunity, Munjal said: "We do not need any joint venture for manufacturing, however, we are open to have technology transfer deals with some international firms, which have more advanced technology than us."
Within India, the company is also in talks with several state governments to get subsidy and VAT exemption on electric vehicles.
"There are some states such as Delhi and Lakshadweep that give VAT exemption and about a 15 per cent subsidy on our products. We are also talking to other states to provide us similar sops in order to promote the technology," Munjal added.
As per industry estimates, about 1.1 lakh electric two wheelers are sold in India every year by companies, including Hero Electric, Avon Cycles and Electrotherm along with a host of other regional players.
Hero Electric that has a production unit in Punjab is looking to maintain an over 35 per cent market share in future.
Source:Hero Electric to expand in North America, Europe - The Economic Times
The company that sells a total of 30,000 units of electric two wheelers annually, is also looking for technology transfer from international companies for product enhancement.
Hero Electric already exports to some parts of North America and West Europe in small numbers through distributors.
"Now, we are working on tying up with more distributors and strengthen presence in the remaining parts of Europe and North America," Hero Electric Managing Director Naveen Munjal told PTI without giving details.
He said the plan to set up an assembling unit overseas was also in the pipeline, however, nothing has been finalised so far.
Asked whether the company was looking for a joint venture opportunity, Munjal said: "We do not need any joint venture for manufacturing, however, we are open to have technology transfer deals with some international firms, which have more advanced technology than us."
Within India, the company is also in talks with several state governments to get subsidy and VAT exemption on electric vehicles.
"There are some states such as Delhi and Lakshadweep that give VAT exemption and about a 15 per cent subsidy on our products. We are also talking to other states to provide us similar sops in order to promote the technology," Munjal added.
As per industry estimates, about 1.1 lakh electric two wheelers are sold in India every year by companies, including Hero Electric, Avon Cycles and Electrotherm along with a host of other regional players.
Hero Electric that has a production unit in Punjab is looking to maintain an over 35 per cent market share in future.
Source:Hero Electric to expand in North America, Europe - The Economic Times
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