Hero MotoCorp, a manufacturer of two-wheelers, stated on Monday that it has inked a contract with Zero Motorcycles, a company located in the US, to work together on high-end electric motorcycles.
Together, Zero and Hero MotoCorp bring their respective strengths in production, procurement, and marketing to bear on the development of electric bikes and powertrains.
A $60 million equity investment in Zero Motorcycles was authorized by the board of directors of Hero MotoCorp in September 2022, which led to the cooperation.
“In our quest to usher in a new age of sustainable clean technologies in the transportation industry, our relationship with Zero Motorcycles marks a key turning point. With Zero as our partner, we anticipate accelerating the switch to electric mobility in India and in all of our international markets,” “Pawan Munjal, chairman, and CEO of Hero MotoCorp, stated.
“We are thrilled to have Hero MotoCorp, the biggest motorcycle manufacturer in the world, as our partner. Each of our businesses is dedicated to revolutionizing the riding experience and introducing outstanding, cutting-edge items to the globe. We anticipate providing our consumers with excellent value, performance, and pleasure thanks to these shared passions,” stated Sam Paschel, CEO of Zero Motorcycles.
The business has already released its first EV, the VIDA V1 scooter, under its new mobility brand, VIDA, Powered by Hero. Also, it has started running its public charging infrastructure in Delhi, Jaipur, and Bangalore. The business has already installed close to 300 public charging stations in the three cities.
Hero MotoCorp, a manufacturer of two-wheelers, reported a 3.6% increase in net profit for the three months ending in October and ending in December (Q3FY23), coming in at 711 crore instead of 686 crore.
In the third quarter of FY22, the company’s revenue from operations was $7,883 crore; in the current quarter, it was $8,031 crore, an increase of 1.8%.
The company’s shares were up 1.06 percent at 2,486.90 on the BSE.