Hero Electric sells 24,000 units in 45-day festive season

Mirroring the general uptick in demand for electric scooters amid high petrol prices, Hero Electric, India’s No. 1 e-scooter maker, has reported sale of 24,000 units in the 45-day festive season period from October 1 to November 15, 2021. This number constitutes a 111% year-on-year growth (October 1-November 15, 2020: 11,339 units).

Hero Electric’s ‘30 days, 30 bikes’ festive offer aided the upward sales momentum during this period. Under the offer, every day one customer who bought Hero Electric two-wheeler got a chance to ride home his/her vehicle free.

What is helping Hero Electric as well as other EV players is the recent amendment in FAME II policy for increased subsidy and rising fuel prices. Furthermore, with growing consumer awareness of much lower total cost of ownership, the need for eco-friendly mobility and enhance EV charging infrastructure, there is a marked shift of ICE two-wheeler buyers to electric two-wheelers.

According to Sohinder Gill, CEO, Hero Electric, “We saw two clear indicators in our showrooms this festive season. A significant percentage of customers chose Hero Electric scooters over the petrol bikes and many factored environment and sustainability as influencing factors in their purchase. This is a good indicator for Hero and the electric two-wheeler industry to step into an exponential growth and bring around an EV revolution that will help reduce air pollution and make our cities a better place.”

Over 50,000 units sold in first 7 months of FY2022
According to Hero Electric, it has surpassed 50,000-unit sales milestone in the first seven months of FY2022. Owing to a conducive environment for the EV industry, the company says it has seen its best-ever sales since 2007. The highlight of the milestone is the city speed portfolio with the Optima and NYX leading the sales graph. The company says it has sold 50,331 units till October 2021, that translates to a market share of 36%. The EV maker says it has partnered with multiple EV start-ups to strengthen the last-mile delivery market and expand its B2B business.