India's largest electric two-wheeler company Hero Electric, and the Mahindra Group came into a strategic partnership – that straddles joint development and manufacturing.
"The long-term partnership will also see both the companies make the most out of each other's
deep knowledge of EVs and drive new product development in the next few years. We look forward to creating more synergies with them in the near future," added Munjal.
The intent is part of Hero Electric's growth plans to cater to the ever-growing demand for EVs in the country and the strategic partnership will create multiple synergies.
It will also help Mahindra build an EV portfolio for its European brand Peugeot Motorcycles in the future.
As part of the partnership, Mahindra Group will manufacture Hero Electric's popular electric bikes – Optima & NYX at their Pithampur plant to meet the market's growing demands.
“The purpose of this arrangement is to use each other’s synergies and strength to electrify mobility in India. So, they have a large capacity which we will use and jointly we have a strong research and development team, which can be used to develop new products. This will give Here Electric a strong foothold in Central India,” Munjal said
