HeroMoto announces JV with Taiwan-based EV company

Section: Automobiles

Hero MotoCorp has announced a strategic partnership with Taiwan-based electric vehicle company Gogoro Inc to accelerate the electrification of mobility in India. The joint venture between two companies would boost the electric vehicle ecosystem in the country. 

In filing to the exchanges, the company said, “The partnership brings together Hero, the world’s largest two-wheeler manufacturer, and Gogoro, the global leader in urban battery swapping and smart mobility innovation.” 

The companies will establish a battery swapping joint venture to bring Gogoro’s industry-leading battery swapping platform to India and will collaborate on electric vehicle development to bring Hero branded, powered by Gogoro Network vehicles to market, the company said in the statement. 

Commenting on the new partnership, Hero MotoCorp Chairman and CEO Dr. Pawan Munjal said, “Our strategic partnership with Gogoro is in line with our Vision - ‘Be the Future of Mobility' which we are bringing alive through our Mission to ‘Create, Collaborate & Inspire’.” 

“Today marks another major milestone in our journey with the leadership of Gogoro in Swapping business model, as they have demonstrated over the years in Taiwan and the rest of the world,” he said. 

The company said this partnership will further extend the work, which is in the process at R&D hubs at the Centre of Innovation and Technology (CIT) in Jaipur and the company’s Tech Centre in Germany. 

“With over 225 million gas-powered two-wheeler vehicles in India, the need for smart and sustainable electric transportation and refueling is vital,” said Horace Luke, Founder & CEO, Gogoro Inc. “The partnership will leverage Hero’s market strength and Gogoro’s industry-leading innovations to deliver smart vehicles with Gogoro Network battery swapping.” 

Hero MotoCorp has already backed Indian electric vehicle start-up Ather 125. Hero is continuously pushing for electric vehicle transformation in the country, with fuel prices at the all-time high levels. 

The shares of the company were trading around one per cent higher at Rs 2824 per share today. The share price, mostly reacted to the other news of the company, wherein it has decided to take halt of around 10-day across plants voluntarily as a measure amid the rising covid cases in the country.