Hero MotoCorp to enter EV segment next month, to launch 1st model under Vida brand

New Delhi: The country's largest two-wheeler maker Hero MotoCorp is all set to foray into the electric segment next month with the launch of its first model in the domestic market.

In a regulatory filing, the company said that "a new era in mobility is about to begin" alluding to an event under its Vida brand on October 7, 2022.

The two-wheeler major has issued invites to its dealers, investors and global distributors for the event to be held in Jaipur, Rajasthan.

Industry sources confirmed that the company will launch its first EV product at the event.

In March this year, Hero MotoCorp had said it has lined up a USD 100 million (around Rs 760 crore) global fund to nurture over 10,000 entrepreneurs on ESG (environmental, social and governance) solutions, including its upcoming electric vehicles (EVs).

The two-wheeler maker plans to introduce emerging mobility solutions under the Vida brand.

Sources said the company has developed the product at its Jaipur-based R&D hub, the Centre of Innovation and Technology and will utilise its Chittor-based manufacturing facility in Andhra Pradesh to roll out the product.