Hero MotoCorp is focusing on global business and electric vehicles (EVs) to drive future revenue. Executive Chairman Pawan Munjal told shareholders that these areas have significant growth potential despite global economic challenges.
Currently, Hero MotoCorp’s exports make up a small portion of its revenue. The company operates in 48 countries, with exports accounting for 3.9% of its Rs 37,456 crore revenue in FY24. The company aims to improve this by investing in brand building, network expansion, and customer engagement, especially in its top 10 markets.
Last year, Hero MotoCorp established a subsidiary in Brazil to invest in two-wheeler manufacturing and distribution. It also entered the Philippines, a key market with high sales potential. In Nepal, Hero opened a new assembly facility, and in Bangladesh, it is targeting the premium segment.
Hero MotoCorp’s export market share from India grew to 5.8% in FY24, exporting 2 lakh units compared to 1.7 lakh units in the previous year. The company introduced 12 new or updated products internationally.
In India, Hero is expanding its electric vehicle business. Its Vida brand offers the V1 electric scooter, now available in 100 cities and 150 dealerships. Munjal highlighted the success of VIDA V1 and plans for its international launch. The company aims to expand its EV portfolio to four models by the end of this financial year, including new, affordable electric scooters and a refreshed V1 model.
Hero MotoCorp plans to introduce over a dozen new models in the next five years, including six electric motorcycles under the Vida range and four more in partnership with Zero Motors starting from 2025-26. The company is also working with Ather Energy, in which it holds a 44% stake, to improve the EV infrastructure in India, setting up nearly 2,000 fast-charging points across 200 cities.
