Mahindra & Mahindra and Hero Electric have announced a partnership in Electric Mobility to cater to the increasing demand for EVs in the country. According to the deal, Mahindra will manufacture Hero Electric’s electric bikes – Optima & NYX at their Pithampur Plant in Madhya Pradesh. The contract has a time period of 5 years. During the contract period, the value of the transaction is expected to be in the range of INR 140 – 150 crore. The Joint development efforts will also enable electrification of the Peugeot’s Motorcycle Portfolio. The two companies will create joint product development and knowledge sharing. Hero Electric plans to increase the production capacity at its Ludhiana facility to 5 lakh units by March 2022.
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