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Business News/ Auto News / M&M partners with Hero Electric, to manufacture electric bikes Optima & NYX
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M&M partners with Hero Electric, to manufacture electric bikes Optima & NYX

As part of the partnership, Mahindra Group will manufacture Hero Electric’s most popular electric bikes – Optima & NYX at their Pitampur plant

Mahindra and Mahindra (Reuters)Premium
Mahindra and Mahindra (Reuters)

Mahindra & Mahindra (M&M) and Hero Electric on Wednesday announced a strategic partnership in electric mobility to cater to the growing demand for electric vehicles (EVs) in India.

As part of the partnership, Mahindra Group will manufacture Hero Electric’s electric bikes – Optima & NYX at their Pitampur plant to meet the growing demands of the market. Hero Electric's manufacturing unit is in Ludhiana, and it sells a wide range of electric scooters.

“With this collaboration along with the expansion of their existing Ludhiana facility, Hero will be able to meet its demand of manufacturing over 1 million EVs per year by 2022. This will further enable them to drive adoption of a cleaner mode of transport," M&M said in an exchange filing today.

The automaker and Hero Electric will enter into a 5 year contract with scope to enhance the area of collaboration in future. Over the contract period, the value of the transaction is expected to be in the range of 140 – 150 crore. 

The synergy will leverage plant capacity utilization of the company and help Hero Electric meet its growing demand for its EVs. “The joint development efforts will also be a key factor in developing the platform approach to help electrification of the Peugeot Motocycles’ portfolio. This is expected to bring significant value to both parties through optimization of costs, timelines, and shared knowledge in this dynamic, fast growing global EV environment," M&M added.

 

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Published: 19 Jan 2022, 12:06 PM IST
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