Hero MotoCorp, the world’s largest motorcycle manufacturer, is investing an additional 500 crores (5 billion Indian rupees) in electric scooters. The company will invest this amount in Ather Energy, an Indian electric scooter startup.
Hero MotoCorp already has a 33.1% stake in Ather Energy. Ather Energy is a Bengaluru-based company that manufactures electric scooters under the Ather brand.
Hero MotoCorp’s sole investment in electric vehicles, Vida Electric, has not been successful. This is why the company is increasing its investment in Ather Energy.
Along with Hero MotoCorp, Singapore-based investment company GIC will also invest in Ather Energy. The two companies have signed an agreement to invest a total of 900 crores (9 billion Indian rupees) in Ather Energy.
The investment will be used to expand Ather Energy’s production capacity and develop new products. Ather Energy plans to launch new electric scooters in the coming years.
The investment by Hero MotoCorp and GIC is a major boost for the Indian electric scooter industry. It shows that major investors are confident in the growth potential of this sector.