Business
Hero MotoCorp To Invest $60 Million In US Firm To Develop Electric Motorcycles
Hero Motocorp
Hero MotoCorp on Thursday (29 September) said it will invest $60 million in US-based firm to jointly develop electric motorcycles.
The world’s largest motorcycle manufacturer of motorcycles and scooters said it is finalising a collaboration agreement with US-based Zero Motorcycles.
Zero Motorcycles, based in US' California, manufactures premium electric motorcycles and powertrains.
The collaboration will focus on co-developing electric motorcycles, the company said in a statement.
Hero MotoCorp’s board has also approved an equity investment of up to $60 million in Zero Motorcycles.
Zero Motorcycles is the global leader in electric motorcycles and powertrains. It’s consolidated revenue for 2021 was $60.7 million.
Designed and crafted in California, Zero Motorcycles combines Silicon Valley technology with traditional motorcycle soul to elevate the motorcycling experience for riders around the world, the company said.
Hero MotoCorp noted that it is addressing the electric mobility space through a range of organic and inorganic collaboration initiatives and will launch its first electric product, under its emerging mobility brand Vida on 7 October 2022.
The two-wheeler major already has a stake of over 35 per cent in electric two-wheeler company Ather Energy.
(With inputs from PTI)
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