Hero MotoCorp to invest $60 million in US-based Zero Motorcycles to develop e-bikes

The shares of Hero MotoCorp rose as much as 2.2 percent a day after the company said it will invest $60 million (around Rs 490 crore) in US-based Zero Motorcycles to jointly develop electric motorcycles.

The country's largest two-wheeler maker said it is finalising a collaboration agreement with the California-based manufacturer of premium electric motorcycles and powertrains.

The company's board has approved an equity investment of up to USD 60 million in Zero Motorcycles, it added. Zero Motorcycles is the global leader in electric motorcycles and powertrains. Its consolidated revenue for 2021 stood at $60.7 million.

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 October 7, 2022. The two-wheeler major already has a stake of over 35 percent in electric two-wheeler company Ather Energy.

(With inputs from PTI)