Hero MotoCorp has started investing in the electric two-wheeler business. The company has invested ₹100 crore in Co-Zeee, an electric two-wheeler startup based in Gurugram. This investment will help Co-Zeee in developing new products and expanding its manufacturing capacity.
Hero MotoCorp is one of the largest two-wheeler manufacturers in the world. The company has been facing stiff competition from Chinese brands in the electric two-wheeler segment. With this investment, Hero MotoCorp is looking to strengthen its position in the electric two-wheeler market.
Co-Zeee is a young startup that was founded in 2021. The company has developed a range of electric two-wheelers, including scooters and motorcycles. Co-Zeee’s products are targeted at the urban market.
The investment by Hero MotoCorp will help Co-Zeee in expanding its production capacity. The company is currently manufacturing 10,000 units per month. With the investment, Co-Zeee plans to increase its production capacity to 50,000 units per month.
The investment by Hero MotoCorp is a sign of the growing interest of traditional two-wheeler manufacturers in the electric two-wheeler segment. With the government’s focus on promoting electric vehicles, the electric two-wheeler segment is expected to grow rapidly in the coming years.