Auto components manufacturer, Hero Motors, a part of the Hero Motors Group (HMC) and Yamaha has announced a joint venture to manufacture electric motors for electric bicycles.
Hero Motors, an auto components manufacturer, has announced a joint venture with Yamaha Motor Co. of Japan wherein the two companies will set up a manufacturing unit for making electric drive motors for electric bicycles. The boards of both companies have approved the same and a manufacturing unit will be commissioned in India sometime next year, which will cater to global markets as well. Hero Motor says that this is the next step for the Hero-Yamaha alliance, which was made in 2019 for working together in the electric bicycle segment.
Pankaj Munjal, Chairman and Managing Director, Hero Motors Company (HMC) Group, said, “Our combined strengths – Hero’s expertise in value-focused manufacturing and Yamaha’s technical expertise, global reach and access to future technology – are a potent recipe for success.”
“This joint venture is a major component of our ambition to be the first fully integrated player globally in the E-Cycles segment and adds strongly to our initiatives like expansion to Europe through Hero International and setting up of world-class industrial park in Hi-Tech Cycle Valley, Punjab,” Pankaj Munjal further added.
The manufacturing unit is likely to be set up in Punjab and begin production by November 2022. The plant will have an annual installed production capacity of one million units to begin with. The manufacturing facility under the new joint venture will not only manufacture electric bicycles which will carry Yamaha and Hero branding but also leverage the network of both companies to further augment the sales of electric drive units in global markets.