Mahindra & Mahindra to manufacture Hero Electric's e-bikes at Pithampur plant

Mahindra & Mahindra and Hero Electric Vehicle announced a strategic partnership in electric mobility which envisages the following arrangement between the two companies:

➢ Contract Manufacturing by the Company at its Pithampur plant for Hero Electric's most popular electric bikes - Optima & NYX

➢ Utilising the Company's supply chain to help Hero Electric reach newer centres in the country

➢ Joint Product Development and Knowledge Sharing

➢ Electrification of Peugeot Motocycles' portfolio through platform sharing.

Over the contract period of five years, the value of the transaction is expected to be in the range of Rs. 140 - 150 crore.

The synergy will Leverage Plant Capacity utilization of the Company and help Hero Electric meet its growing demand for its EVs.

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