NewzVille Business Desk
The world is moving towards the future of Mobility ‘Electric Vehicles’. Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, will make a strategic investment into the electric three-wheeler category by acquiring a significant stake in Euler Motors.
The Hero MotoCorp Company’s board has approved a strategic investment of up to Rs. 525 crore (in one or more tranches), in Euler Motors Private Limited.
This investment will provide Hero MotoCorp with a strong foothold in the fast-growing electric three-wheeler market. The EVs market are projected to account for 35% of total sales in the near future.
Executive Chairman of Hero MotoCorp Dr. Pawan Munjal in his statement said, “Our strategic investment in Euler is a bold step towards realizing our vision to “Be the Future of Mobility.”
“This investment reinforces our commitment to accelerated growth through both organic and inorganic expansion, while highlighting the power of collaboration and adaptability in an ever-evolving market.” he said.
Dr Munjal further explained, “As a global automotive leader, Hero MotoCorp is driven by sustainability, innovation and customer-centric progress. As we strengthen and diversify our presence in emerging mobility landscape, this investment allows Hero MotoCorp to venture into a rapidly growing electric three and four-wheeler market, while unlocking adjacent business opportunities and continuing to cement its leadership in the future of sustainable mobility.”
Euler Motors has a presence in 30 cities in India and is engaged in the designing, manufacturing and sale & service of electric three-wheelers. They recently launched their first electric commercial four-wheeler.
