tech2 News StaffAug 09, 2021 19:09:17 IST
Riding the wave of support from the government, Hero Electric has reported a sharp rise in sales for the first half of this year. Hero Electric announced it sold over 15,000 electric scooters in the first half of 2021, a figure about five times higher than the 3,270 e-scooters it sold in the same period last year. More notably, Hero Electric sold more than 4,500 e-scooters in July alone, a tenfold increase on the 399 units it sold in the same month in 2020.
This staggering rise in demand, has, undoubtedly, been triggered by a spate of government-led initiatives designed to promote e-mobility. In June, the FAME-II subsidy for electric two-wheelers was increased from Rs 10,000 to Rs 15,000 per kWh of battery capacity, with the overall subsidy cap doubled to 40 percent of the two-wheeler’s price.
Additionally, Gujarat and Maharashtra announced generous incentives for electric two-wheeler buyers as part of their state EV policies. So significant is the impact of these subsidies, that Hero Electric’s mid-speed scooter range now starts at under Rs 40,000 in these states.
Talking about the rise in sales, Hero Electric CEO Sohinder Gill said, “As we continue to fight the pandemic, we at Hero are extremely bullish about the market seeing its biggest growth thanks to the extremely conducive market and policies since they were announced. The green shoots for this are visible in the numbers we have achieved in the month of July and overall, in the first half of the year. Our manufacturing facilities are working overtime to cater to the demand.”
Hero Electric is already working to expand its existing facilities and ramp up production, and targets manufacturing over three lakh units per year to meet demand.