Kathmandu. India’s largest two-wheeler manufacturer Hero MotoCorp is now set to enter the electric three-wheeler segment.
Hero is set to enter the electric three-wheeler segment by investing in Euler Motors, a leading company in the electric three and four-wheeler segment. For this, Hero has announced an investment of Rs 525 crore in Euler Motors.
According to Hero MotoCorp, it is estimated that electric vehicles will account for 35 percent of total sales in the near future. The main objective of this investment is for Hero MotoCorp to enter the growing electric vehicle segment.
Initially, Hero MotoCorp will acquire a 32.5 percent stake in Euler Motors. The company expects the investment agreement to be completed by April 30.
Euler Motors has been in the design, manufacturing and sale of electric three- and four-wheeler vehicles for a long time. The company is performing very well, especially in the commercial electric vehicle segment.
