New Delhi, April 10, 2021.
Hero Cycles, India’s largest bicycle maker, is in talks with an e-cycle maker from Slovakia to set up an international manufacturing base as it looks West eyeing sales of half a million electric bicycles in the next two years and become a leading player in the segment and generating a bulk of its revenue from sales in Europe.
The company is in an advanced negotiation with a Slovakian bike maker for a partnership or an alliance which will give the company a footprint to cater a very significant demand emanating out of Western Europe, especially post Covid.
The e-cycle has become the second car,” said Pankaj Munjal, CMD, Hero Cycles.
The company claims its capacity is already sold out for 2021 and it is already securing orders for 2022-2023 already for the international markets and the new facility in East Europe will help the company meet this demand.
The company hopes to sell 150,000 units of electric bicycles this year and ramp it up to 500,000 by next year.
Munjal said Hero Cycles is already generating about Rs 400-600 crore of turnover from the overseas market, which is likely to grow by 50% in the coming two years, thanks to strong order book coming out of Europe.