Naveen Munjal-promoted Hero Electric is targeting an around two-fold increase in its electric two-wheeler sales in the next fiscal year, encouraged by growing consumer preference towards these products amid high fuel prices.
There were constraints in the availability of semiconductors, which have now eased. Momentum in the market is good. We will close this fiscal with sales of about 100,000 units and aim to grow by 1.7-2.2 times in the next financial year, Munjal, managing director (MD) at Hero Electric, told ET.
Munjal said We factor in the base case scenario while building our business plans. As per the company’s internal estimates, electric two-wheelers will likely account for almost 30% of two-wheeler sales in the country by 2025 and 50% by 2027. Whether cell prices reduce or not, incentives are extended beyond March 2024, and the total cost of ownership of electric two-wheelers itself is such now that it will drive adoption.
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