Mahindra & Mahindra (M&M) today announced a strategic partnership with Hero Electric to cater to the ever-growing demand for EVs in the country.
Hero Electric is one of the oldest and India's Largest Electric two-wheeler company. The company's manufacturing unit is in Ludhiana, and it sells a wide range of electric scooters catering to a wide spectrum of customers.
As part of the partnership, Mahindra Group will manufacture Hero Electric's most popular electric bikes -Optima & NYX at their Pitampur plant to meet the growing demands of the market. With this collaboration along with the expansion of their existing Ludhiana facility, Hero will be able to meet its demand of manufacturing over 1 million EVs per year by 2022.
Naveen Munjal, MD, Hero Electric said, Hero Electric has been leading the Electric two-wheeler sector in the country. To further deepen its roots and strengthen the leadership, Hero Electric has announced a partnership with the Mahindra Group, which is leading the EV transition in the electric three and four wheelers space. This coming together of two industry leaders is to further enhance the manufacturing capabilities to meet demand and utilize Mahindra Group's robust supply chain to reach newer centers in the country."
Rajesh Jejurikar, executive director, auto & farm sectors, Mahindra & Mahindra, said, Peugeot Motocycles has ambitious plans in the EV mobility space in several regions of the world and particularly in Europe. This strategic partnership will bolster these efforts through joint development and a platform sharing approach leveraging the combined strengths of the two businesses. Our R&D Centre in India will be integral to this arrangement as will the manufacturing facility at Pitampur, that already supplies Peugeot with EV products. I see significant value creation on a mutually beneficial basis and look forward to this partnership delivering on its obvious promise.
M&M Group enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India. It is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.
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On a consolidated basis, the M&M Group's net profit before exceptional items rose 43% year-on-year to Rs 1,975 crore in Q2 September 2021. The Group's net profit after adjusting for exceptional items surged 214% YoY to Rs 1,929 crore in Q2 September 2021. Revenue rose 12% to Rs 21,470 crore during the period under review.
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