Hero Motocorp Expansion Plan: In order to meet the demand for motorbikes in the class, the two-wheeler maker, which recently introduced its new performance bike, the MAVRICK 440, is also increasing production to 10,000 units each month. "In FY25, we will launch electric scooters in the mid-price segment and in the economy segment to extend our Vida range," PTI quoted Gupta as saying in an interaction on the sidelines of the Hero World 2024 event.
In June last year, the central government has already reduced the subsidy amount on electric two-wheelers to Rs 10,000 per Kwh from Rs 15,000 per Kwh. It also reduced the maximum subsidy cap of 40 per cent of the ex-factory price of the vehicle to 15 per cent.
The affordability and suitability of electric two-wheelers for short to medium-distance travel have made them a cost-effective alternative to traditional petrol scooters and motorcycles. The Indian government has shown its support for electric mobility through initiatives like the FAME II scheme, which provides subsidies and incentives for electric two-wheelers. Budgetary boosts, including reductions in customs taxes and investments in recycling, have created a favorable environment for the growth of electric two-wheelers.
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The summit, which was held in parallel to COP28, is renowned for bringing together influential family offices and business leaders. It provided an ideal platform for PURE EV to showcase its commitment to innovation, sustainability, and collaborative partnerships, the company said.