Hero Cycles plans to test the electric bicycles in early 2019 to check whether the new product is ready for the bicycle market of India
Hero Cycles has inked a Memorandum of Understanding (MoU) with Yamaha Motors and Mitsui of Japan for introducing Hero electric bicycles powered by Yamaha’s e-kits, the power source designed for electrically power assisted bicycles.
The electric bicycles are set for testing in early 2019 and Hero Cycles’ network will be used for the sales of this new range called E-MTB.
Partnership
Talking about the partnership, Pankaj M Munjal, Managing Director, Hero Cycles, said that the aim was to develop new e-mobility products with the support from Mitsui’s go-to-market sales, distribution and marketing support.
The collaboration is also set to explore the business possibilities available for the electric bicycles in India. The bicycles will be sold under the brand of Hero Cycles.
The company heads of Yamaha Motors, namely, Pankaj M Munjal, MD, Hero, Yuji Tokunaga, Mitsui and Mitsuyoshi Sunakawa, Executive General Manager, Yamaha announced about the collaboration at Yamaha’s headquarter in Japan.
The electric bicycle segment is comparatively a newer one and according to Yamaha Motors, this segment has the potential to grow in the coming years.
Portfolio
Hero Motors’ flagship wing, Hero Cycles is one of the largest manufacturers of bicycles with a sale of over 19,000 bicycles a day. While, Yamaha Motors is one of the leaders in a variety of products – motorcycles, marine products, power, surface mounters and many more. It started its first electrically power-assisted bicycle business in 1993 with the launch PAS. Again, Mitsui is one of the most diversified and comprehensive trading, investment and service enterprises in the world, with about 136 offices in 66 countries.
