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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