New Delhi: Riding on the success wave of its electric bikes, Hero Ultra--the joint venture between India’s Hero Group and the UK-based Ultra Motors, informed on Wednesday that it was embarking on a network expansion to achieve a target of selling 20,000 units by next year.
“India is an important market for us and offers an opportunity in electric two wheelers. We will continue to innovate and grow with our current and future customers,” said Ian Woodcock, chairman, Ultra Motor Company.
Woodcock said that it was the efficiency of both the companies in marketing and manufacturing, which helped in achieving the magic figure of 10,000 units.
The joint venture has now set sale of 20,000 units by March 2008 as its target, which will help it achieve a top-line revenue of around $16 million. Looking at the same, the company is expanding its distribution network across North, West and South India.
The company will launch 100 showrooms shortly, and aiming to be present in over 150 showrooms in India, by March next year. Hero Ultra had launched its bikes earlier this year with prices starting from Rs5,000 onwards.