New Delhi, Jan 14 (UNI) Motorcycle and scooter manufacturer Hero MotoCorp has announced a new investment of up to Rs 420 crore in Ather Energy to expand its brand proposition and make EV ownership a convenient, hassle-free, and rewarding experience for customers across the world.
The company’s board has approved the investment in one or more tranches. Prior to the proposed investment, Hero MotoCorp’s shareholding in Ather Energy was 34.8% (on a fully diluted basis). Post the investment, the shareholding will increase and the exact shareholding will be determined upon completion of capital raise round by Ather.
Hero MotoCorp is an early investor in Ather Energy and has been a part of its growth story since 2016. “We are addressing the emerging mobility opportunity in a comprehensive manner through a range of organic and inorganic initiatives,” said Swadesh Srivastava, Head of Emerging Mobility Business Unit of Hero MotoCorp.
The company is gearing up to unveil its first EV which is being developed at the company’s advanced R&D set-up, the Center of Innovation and Technology (CIT) in Jaipur, and the Tech Center Germany (TGG) near Munich. It will be produced at the company’s manufacturing facility at Chittoor in Andhra Pradesh.
In another development, Hero MotoCorp has expanded its operations in El Salvador and commenced retail sales at a newly opened flagship store in the country’s capital city San Salvador. Customers have been thronging to the company’s new state-of-the-art dealership located in El Pedregal that offers 3S (sales, service, spares) operations and is spread over 600 sq. mt. The workshop with five service bays provides the best-in-class aftersales service and spare parts to customers and offers a 4-year or 40,000 km warranty across its range of products.
“There has been a steadily growing demand among customers for our products and services and the company plans to keep consolidating its presence in this market in both the immediate and medium term,” said Sanjay Bhan, Head of Global Business.
With a footprint in 43 countries across Asia, Africa, South and Central America and the Middle East, Hero MotoCorp has already sold over 100 million motorcycles and scooters globally since its inception. In El Salvador, Hero MotoCorp caters to its customers through a distribution network of over 200 touch points including five company-owned showrooms, 15 dealerships, 85 retail and 26 spare part outlets and service centers across 14 cities.
Hero MotoCorp’s product range in El Salvador includes motorcycles from the premium to entry levels, including the XPulse 200, XPulse 200T, Hunk 160R, Hunk 190R, Hunk 150, Ignitor 125, Eco150, Eco 125 and the Dash 125 scooter. The Hunk 150 is the best-selling bike in the 150cc category in El Salvador.
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