Hero Cycles Invests in E-Vehicle Venture:
http://www.bike-eu.com/home/nieuws/2018 ... e-10132496
Includes:NEW DELHI, India – In line with Indian Government’s ambitious plans of converting the entire transport infrastructure from fossil fuel to electric in the next decades, bike producers like Hero Cycles are redrawing product strategies to meet future new-energy vehicle demands.
India’s largest bicycle producer Hero Cycles reports new investments in an e-vehicle venture. Industry insiders confirm that the bicycle manufacturer is looking for technology partners.
Ends:Meanwhile, Hero Cycles is also planning to introduce a GPRS enabled public bike-sharing platform in India.
“Due to market disruptions and the introduction of Goods & Services Tax our bicycle sales were slightly below five million last year,” says Munjal. “We are currently focusing on gaining lost ground in overall bicycle sales. Fortunately the market is in a positive mood again and as sales have started to pick up again, we expect to reach the five million mark again in the ongoing fiscal year.”