- India is on the cusp of the electric vehicle revolution, and excitement around the new technology can be seen among every forward-looking player.
- Hero Motocorp, the world’s largest manufacturer of two-wheelers, is set to enter in electric vehicle market with the first launch by March 2022.
- Bajaj Motors has really failed to grab the pulse of the Indian market.
India is on the cusp of the electric vehicle revolution, and excitement around the new technology can be seen among every forward-looking player. Hero Motocorp, the world’s largest manufacturer of two-wheelers, is set to enter in electric vehicle market with the first launch by March 2022. The company provided a sneak peek at its electric scooter earlier in 2021 and the final product is set to be launched by the end of the ongoing financial year.
Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp, said, “In keeping with its strategic vision ‐ Be The Future of Mobility’, Hero MotoCorp is steadily progressing on the path to carbon neutrality and sustainability and is investing in this transformation. The company is taking a comprehensive approach, ranging from research and development to production of green vehicles, which also includes forging strategic collaborations and partnerships.”
Hero’s electric scooter will compete with Ola, Bajaj Chetak electric, Ather 450X, and TVS iQube when launched. Given the fact Hero’s USP so far has been aggressive pricing, the company is expected to capitalize on this and keep the prices of its scooter below 1 lakh rupees. Hero Motocorp has already signed an agreement with Taiwanese company Gogoro to share battery swap technology and more features.
While Hero Motocorp plans to race ahead in the electric vehicle segment, Bajaj is busy mocking the other players. The recent statement of Rajeev Bajaj on OATS was heavily criticized by analysts and consumers. “I’m going to bet on BET. BET means Bajaj, Enfield, and TVS. They are champions and they have a proved track record…We are champions and we eat OATS (Ola, Ather, Torks and SmartE) for breakfast,” said Rajiv Bajaj when asked about EVs.
The future of vehicles is not gasoline, and legacy automobile companies will be well advised to begin diversifying their products. Not only is the future of automobiles electric, in the long term, but it might also even be Hydrogen-fuel powered. Several electric vehicle startups have come up all across India whose sole aim is to give Indian consumers electric vehicles. Particularly in the two and three-wheeler segments, Indian companies are just beginning to tap the potential of the markets, and the want of Indians to buy electric vehicles.
Naturally, legacy companies like Baja Auto that have historically shied away from innovation and modernization are behaving like their pants are on fire. They are taking sly digs at EV companies and making grand fools of themselves while at it. However, the smarter players like Hero Motocorp have realized that the future is electric and are already working to come up with the best possible product to satisfy consumer demand.
Bajaj Motors has really failed to grab the pulse of the Indian market given the fact it is used to having its monopoly in the market. Bajaj Chetak was a household name 20 years ago because Indians had no choice, and had to compromise with the unforgiving Chetak scooters which Bajaj manufactured. How these scooters turned into a real pain for users just a few years after use requires no introduction. Still, Bajaj failed to improve its products and facilities. Its Pulsar did a decent job but apart from that, it has not launched a single successful product in the last few decades.
Today, nobody really wants to go for even Pulsar. Bajaj is living in a false reality. It does not enjoy the status it once did within India. Today, Bajaj is nobody’s go-to two-wheeler choice. And if it does not shed its undue ego soon, Bajaj might soon run out of business because of the very startups its MD is so casually jibing against and the players like Hero which have realised that the future is electric.