Hero MotoCorp has announced that its first electric two-wheeler under the Vida brand will be delayed this year.
The company announced that the first offering will debut this festive season instead of July this year due to supply chain issues, and a shortage of various components such as semiconductors.
Swadesh Srivastava, Head of Emerging Mobility Business Unit (EMBU) said, “The ongoing geopolitical situation has resulted in enormous supply chain issues and shortage of various components, including semiconductors. Keeping customers as the top-most priority, we feel it would be prudent to unveil the first EV product around the upcoming festive period instead of July as earlier announced. We are accordingly gearing up for the launch of Vida – Powered by Hero – in the festive season.”
Hero had announced that it will manufacture the electric vehicles at a factory in Chittoor, Andhra Pradesh. The company had earlier conveyed plans to launch its first e-scooter in March. Unveiling the Vida brand at an event in Dubai, Pawan Munjal also announced a $100 million global sustainability fund to establish global partnerships spearheaded by the automaker and BML Munjal University.
Hero MotoCorp sold 4,86,704 units in May 2022, as compared to 1,83,044 units sold during the May 2021 period, recording a growth of 165.89 per cent. The company’s decision to foray into the EV segment comes at a time when conventional ICEs are losing their appeal by the day, with increasing fuel prices, and high running costs. This also explains why electric makers like Ather also recorded their highest-ever sales in May 2022.