HERO ELECTRIC

  • hero electric okinawa greaves electric kept out of new subsidy regime

    Hero Electric, Okinawa, Greaves Electric kept out of new subsidy regime

    Multiple e2w industry officials told ETAuto that the Ministry of Heavy Industries (the administrative ministry for subsidy programme) has already absolved them of any wrongdoing, after an internal panel concluded its research into the entire subsidy saga. A spokesperson of the ministry, however denied giving any clean chit, saying “not cleared. It is a false report in news” when asked whether Hero, Okinawa and others had been cleared of all charges.

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  • India demands e-scooter makers return USD 60 mn aid for using China parts

    Several electric scooter startups in India are facing challenges and losing investor interest due to their reliance on Chinese parts instead of local sourcing. The government has demanded that six companies return subsidies worth USD 60 million for violating localization rules. Last year, a series of e-scooter fires prompted an investigation into whether companies were meeting localization norms.

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  • EV cos seek to hire senior execs from legacy auto firms

    Electric Vehicles (EV) and associated companies are going all out to attract senior executives from legacy automobile firms as significant talent churn is underway within the nascent but ascendant EV industry, said industry experts. Data from executive search firm Native on talent migration of senior professionals in the last 12-24 months show that about 45% of the senior moves into the EV space are from large automobile companies.

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  • Hero Electric faces rating cut on loan defaults

    "The rating action reflects a delay in servicing of debt obligations due to poor liquidity," Crisil said in its note. There has been a sharp deterioration in the financial risk profile of the company, Crisil noted, due to continued operating losses, stretch in liquidity due to buildup of subsidy receivables and lower-than-expected equity infusion from external investors.

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  • India's electric 2-wheeler registrations zoom 148% in May

    Ola Electric retained its top spot with the highest registrations at 28,438 units in May 2023; commanding 27.1 per cent market share, followed by TVS Motors at 19.3 per cent, Ather Energy at 14.6 per cent, Bajaj Auto at 9.5 per cent and Ampere at 9.2 per cent, according to Elara Capital report.

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  • E-scooter companies gear up for gradual price hikes

    But not everyone is on board with the price hikes. Hero Electric, which sells the Optima among other brands, has decided not to increase prices immediately. "Despite the recent reduction in the FAME-2 subsidy, the company remains dedicated to promoting the adoption of e-two-wheelers and dispelling misconceptions about their cost of ownership," the company said in a statement on Wednesday. FAME refers to faster adoption and manufacturing of hybrid and electric vehicles.

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