Could an Indian firm come to dominate the world market for electric two-wheelers? The Hero Eco Group may be planning just that. Hero, which builds 65,000 electric scooters and bicycles per year at its plant in the Punjab, recently acquired UK-based Ultra Motors, which sells its A2B and F4W brands of electric bikes and scooters in 22 countries.
Hero has also announced plans to set up an EV manufacturing unit in North America, and to triple its business over the next five years, with two-thirds of its sales coming from abroad.
“With the acquisition of Ultra Motors, we have gained access to electric vehicles from their A2B and F4W brands,” notes Managing Director Naveen Munjal. “Today, we have the widest portfolio of electric vehicles globally. While these vehicles are not being considered for introduction in India immediately, we would scale up operations in the 22 countries where Ultra Motors has distribution networks in place.”