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Thread: Hero Eco buys UK-based electric vehicle maker

  1. #1
    Rusted Rony's Avatar
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    Arrow Hero Eco buys UK-based electric vehicle maker

    Hero Electric is looking at a possible entry into the eco-friendly segment of the market. Hero Eco, the Munjal group company with interests in electric two-wheelers, cycles and auto components, has bought out UK-based Ultra Motors, which has operations in six countries distribution in 22 countries.

    The Munjal family did not disclose the size of the buyout but hopes that it will help drive their reach in the global market.

    We have a market share of about 50 per cent, we have an exclusive dealer network across the country of about 260 dealers which we will take upto 500 dealers in next few years, we are going to maintain and increase the market share with our product range there is nobody who has this product range, will enhance the product share in India and globally, said Naveen Munjal, MD of Hero Electric.

    Ultra Motors manufactures folding bikes, electric bikes and electric scooters, under the brands A2B and F4W.

    The launch comes ahead of the government's electric vehicle policy, scheduled in the next few months. It is planning to drive growth with a Rs 450 crore investment, including Rs 200 crore in a plant overseas. And if all goes according to plan, it should achieve a topline Rs 1500 crore from Rs 450 crore now an ambitious ride during the current difficult times.





    Source : Hero Eco buys UK-based electric vehicle maker
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    Super Moderator sunilg's Avatar
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    News approved.
    (Been There Done That) x 3.25

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    Rusted Nithesh's Avatar
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    When petrol hits a 100 bucks/litre, i can see myself commuting in one of these. That day isnt far from now!
    Got a $5 head? Get a $5 helmet.

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    I am using bicycles for commuting, touring and fitness.

    Bicycle racing is much more fun than motorcycle racing (my experience). When I average 30+ km/h and break my previous top speed record, it feels awesome. Motorcycling is sedentary whether cycling is lively.

    But in India commuting by bicycle is more of challenge than fun because of our culture and attitude towards cycling. Even Americans are taking it more seriously than us.
    2004 Bajaj Discover 125
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    Every time I see an adult on a bicycle I no longer despair for the future of the human race.
    -H.G. Wells

    For instance, the bicycle is the most efficient machine ever created: Converting calories into gas, a bicycle gets the equivalent of three thousand miles per gallon.-Bill Strickland

    Get a bicycle. You will not regret it if you live.
    Mark Twain


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    Rusted princesirohi's Avatar
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    good news, almost all indian companies are going global now....

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