Electric 2W industry may see ₹94,000-cr investments in 5 years: Sohinder Gill, CEO, Hero Electric.

The electric vehicle revolution in the Indian two-wheeler market has created big opportunities, and as a result, the segment has seen the entry of numerous players. Many of them are reporting good progress and are making additional investments even as the charging ecosystem is evolving in the country. Hero Electric is the largest electric two-wheeler brand in the country, and it has embarked on a massive expansion plan for future growth. CEO of the company Sohinder Gill talks about the electric two-wheelers, supply chain industry, challenges and the growth outlook. 

The conscious shift to sustainable solutions and increased fuel prices has fuelled the demand for electric 2Ws in the country. Furthermore, the Government's push towards electrification with a revised FAME II subsidy structure and state-wide policies has helped steer the segment tremendously. At Hero Electric, we have witnessed a hockey stick growth with upward sales momentum, which has driven us to expand our production capabilities at our Ludhiana plant to 5 lakh units from 1 lakh. We will manufacture more than 1 million EVs by 2025. The EV penetration will continue to grow in the coming years with the Government's aim to have sales penetration of 30% for private cars, 70% for commercial vehicles, 40% for buses, 80% for two and three-wheelers by 2030.

HBL