Hero Electric’s Naveen Munjal partners M&M – Times of India

NEW DELHI: At a time when he fights a legal battle with uncle Pawan Munjal to prevent the use of Hero brand for electric vehicles, Naveen Munjal – MD of Hero Electric – scored a massive psychological edge as he partnered Mahindra & Mahindra (M&M) for enhancing production capacity of his green two-wheelers, apart from joint product development.
Naveen, who had moved Delhi HC recently to prevent Pawan from using the Hero name for electrics under his company Hero MotoCorp, signed a “collaborative” and “strategic partnership” with M&M to create “multiple synergies” and help drive higher adoption of green vehicles.
The two companies, who are not yet in an equity-sharing relationship, said their collaboration will also enable electrification of Peugeot Motocycles’ portfolio (controlled by Mahindra) through platform sharing.
Speaking to TOI, Naveen pointed out that Hero Electric is in a capacity-expansion mode, and plans to source two lakh units from Mahindra’s Pitampur plant, where the latter is also manufacturing other brands such as Jawa, Yezdi and Peugeot. “We will be doubling our sales to one lakh units in 2021-22, and need to produce more as demand remains robust.”