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Hero Pulls out of Daimler Commercial JV

April 16th, 2009 | No Comments | Posted in Hero Honda

Hero Group has now pulled out of its JV with Daimler to produce commercial vehicles. Hero Group cited difficult economic situation and weak demand in India as the reason of withdrawing from the joint venture.

“We are disengaging from the joint venture, but the company (joint venture) will continue to exist and run by Daimler. The reason for it is the current economic slowdown and we would not like to commit such big investment in the circumstances,” Hero Corporate Services Chairman Sunil Kant Munja.

Daimler said Hero will maintain a conservative profile from now on. It will focus on its core business and return its 40 percent stake in the joint venture, Daimler Hero Commercial Vehicles Ltd., to its Daimler Trucks unit. No financial details of the break up were revealed.

“In light of the current economic downturn, declining market conditions and the group’s strength, Hero Group has decided to maintain its focus and continue to grow its core business and not to pursue the commercial vehicles business at this time,” said Sunil Kant Munjal, the chairman of Hero Corporate Service Ltd.

[Via: cartradeindia]

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BSA launches 5 new eScooters

November 11th, 2008 | No Comments | Posted in Manufacturers

BSA motors today univeiled series of scooters and officially made its foray into the robust electric vehicle market. The new scooters – Smile, Diva, Street Rider, Roamer and Roamer Plus will cater to the need various section of the people. The eScooters are manufactured at the BSA Motors new plant in Ambattur, with an investment of Rs.200 million for the first phase.

The Ambattur plant has an initial production capacity of 150 eScooters a day which can be ramped upto 300 units per day as and when required. The first batch of eScooters would be rolled out from Chennai on 10th November 2008.

Commenting on the occasion, Mr. M M Murugappan, Chairman, Tube Investments of India said, “We see our entry into the electric two wheeler market as a logical extension of our current business, from bicycles to electric two wheelers. The eScooters is presently a Rs.450 crore market in India and the industry is expected to double in a year’s time. BSA’s foray into the eScooters category helps us to expand our portfolio in the two wheeler market. He also added, “BSA eScooters will undoubtedly be the next big success from TII.”

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Hero To Launch Electric Car

August 22nd, 2008 | No Comments | Posted in Hero Honda

Hero Electric part of larger Hero group plans to introduce a e-car or electric car in India by 2013. Tata has already said it would launch Indica electric in 2009 and Mahindra is planning to introduce a similar car in 2010. Pininfarina has also said that it will launch an electric car in 2014.

“Hero is becoming green everyday. We want to be a major player in the electric transportation, in which we are investing heavily in carrying out research. In the next five years, we will be launching electric three and four wheelers here,” said, Hero Electric Chief Executive Officer Sohinder Gill.The company is currently carrying out the research and working on the prototypes of the models, he added.

Hero Electric is investing Rs 80 crore in this financial year for expansion of its storage capacities, R&D and indigenisation of technologies. “The passenger car will not be on the conventional battery mode as running cost is very high. We are developing it on capacitors, which can be charged instantly and can go on for longer distance,” Gill said, adding the company is checking out the viability of the model in Indian condition.

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