https://images.app.goo.gl/rdGLyMzEJbKsTBr79
Highlights:
- Before becoming the company’s CEO, Niranjan Gupta held the position of CFO.
- Mid-term goals for the business were highlighted by CEO Niranjan Gupta.
- Hero intends to release new electric two-wheelers for beginners.
As part of its future growth goals, Hero MotoCorp is preparing to increase the range of its electric two-wheelers and upgrade its current sales infrastructure to increase premium play, according to its recently recruited CEO Niranjan Gupta.
He listed the company’s three mid-term aims as being to increase its position in the premium area, grow the commuter segment, and take the lead in the electric two-wheeler market.
Speed will be the name of the game as we move forward in these three divisions, Gupta, who was raised to CEO on May 1, said in an interview here.
To appeal to a larger range of clients, the business wants to launch new entry-level models in the electric two-wheeler market.
“We will actually visit 100 cities before March is out. So, up until March, it will be about 100 cities, and then after that, in the following four quarters, it will be about putting a product in the middle segment and the bottom segment of the electric scooters,” Gupta said in a conversation here.
The firm is currently positioned at the high end with the VIDA V1 series as a deliberate strategic decision, he added.
Gupta said, “Now that the brand has been established, the time has come to increase the product offering.
In response to a question, he said that there would be consolidation in the market since the EV startup area has become extremely crowded and because of the regulatory changes (such as the elimination of the FAME scheme’s subsidy).
“We think there will be consolidation…and when it happens, it will narrow down to fewer players,” Gupta added.
With its numerous partnerships and established product plans, the firm is in a strong position to move forward amid the anticipated market consolidation, he noted.
According to Gupta, the business intends to increase its position in the luxury class (160-450 cc), in addition to aiming for leadership in the electric two-wheeler market.
He said that compared to any other year in the history of the firm, this one would see the release of the greatest number of brand-new premium items.
“We have two things in motion. One is that we are going to give some of our existing stores a facelift with what we call Hero 2.0, which will modernise the hardware and software as well as this particular aspect of the existing stores, according to the chief executive.
The second component of the physical stores will be the construction of a few exclusive boutiques that will house expensive models.
Gupta said that the business wants to gradually improve 35–40% of the 1,000 big dealerships.
In order to ensure that we give customers a new degree of retail experience, he continued, “a combination of these two will then ensure along with digital.”
According to him, Hero MotoCorp would concentrate on the full premium range, from 160 to 450 cc.
Additionally, the firm will concentrate on growing the commuter bike market (100-125 cc).
The corporation, which dominates the sector with a market share of 65 to 70 percent, would eventually benefit from the general expansion of the vertical.
Gupta also underlined the importance of investing “disproportionate” resources in 8–10 overseas markets in order to advance them.
We have more than 40 markets, he said, so instead of focusing just on the remainder, “we are going to double down on 8-10 big markets out of those and disproportionately put resources there and therefore move those on a faster track while catering to the rest of the markets as well.”
He stated that the corporation will concentrate on markets including those in Mexico, Nigeria, Bangladesh, Colombia, etc.
We are going to increase our efforts in 8 to 10 of these markets, Gupta added. Currently, the company’s international business only accounts for 5% of total revenues.
