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Hero MotoCorp to invest Rs 10,000 crore in technology, electric vehicles, manufacturing, says CMD Pawan Munjal

Updated : February 19, 2020 06:28 AM IST

Pawan Munjal said two-wheeler EV is expected to be launched in 2021.

Hero MotoCorp invested a large sum of money in electric two-wheeler maker Ather.

Munjal said Mahindra is a few years ahead of his company and many other automotive companies when it comes to EVs.

Hero MotoCorp CMD and CEO Pawan Munjal on Tuesday said the company is looking at investing Rs 10,000 crore in technology, electric vehicles (EVs), and manufacturing.

“From Neemrana onwards, we have been setting up green factories, everything we have done after that is all green. But the stuff we did before that, I would like to turn that green too," Munjal told CNBC-TV18.

"We probably will not need capacities very soon to set up any more capacities very soon, but we would want to upgrade those, turn them green, and we are always looking out for the newest and the best and the most productive. So, we would need to put investment behind all of that stuff,” he said.

According to Munjal, this is the era of partnerships. He added: “We are always looking out if there is good technology available, if there are good partners available, if there is good match, then there could be partnerships and there will be investments behind those partnerships.”

On electric vehicles:

Munjal said Mahindra is a few years ahead of his company and many other automotive companies when it comes to EVs. They have been working on EVs for a few years and they have a few EV products too, he added.

"We are in early stages. We invested a large sum of money in Ather; that was our first big investment behind EVs, a clear intent that we as a company and this nation as well as the globe is going to head in that direction of EVs."

"We are working internally at CIT in our R&D, our engineers are working on EV. We are working on mass mobility products and those will take time to come. Also the ecosystem around EV is going to take time. So, we will be there well in time for the market to go for our EV products.”

Speaking about the two-wheeler EV launch, Munjal said he expects it to be launched in 2021.

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