Hero Electric, one of the oldest electric vehicle companies in India, has achieved a turnover of one thousand crore rupees and sells over one lakh electric vehicles annually. In an interview with Naveen Munjal, the Managing Director of Hero Electric, he discusses the company’s journey and how it has become a successful business.

Hero Electric was founded in 2000 with the aim of providing users with more power and the ability to cover longer distances. However, their initial electric bicycle did not gain traction as the concept was still new to consumers. In 2003, Munjal began working on lithium-ion batteries in an American company, but the high cost prevented them from achieving success. Despite this setback, Munjal was confident that electric vehicles would eventually become popular in India.

In 2007, Munjal formed his own company and focused on team building, developing a supply chain, and establishing a strong dealer network. These efforts led to success, and in 2011, Hero Electric expanded into the international market.

When asked about the company’s differentiation and continued market leadership, Munjal highlighted three key factors. Firstly, Hero Electric offers cost-effective electric bikes that are comparable in price to traditional fuel bikes. Secondly, their electric bikes provide significant savings on running costs, with users saving up to Rs. 88 per journey compared to fuel bikes. Lastly, Hero Electric’s portable batteries are easily chargeable and can be conveniently taken to the office or home for charging.

Munjal also discussed the trend of electric vehicles in India, stating that their market share has grown from 1% to 5% in the past two years. He predicts that electric vehicles will capture a 40-60% share of the two-wheeler market in the next five years as the ecosystem develops and prices decrease.

Regarding the pricing of electric vehicles, Munjal believes that it will take some time for them to be at par with petrol and diesel vehicles. As the market share of electric vehicles increases and the supply chain develops, prices will naturally decrease. Munjal also mentioned that some companies are making significant advancements in the battery sector, which will further contribute to cost reductions.

In terms of charging infrastructure, Munjal stated that most households already have charging facilities for two-wheelers, and there are over 4,000 charging stations available. However, he noted that the majority of users prefer to charge their vehicles at home and rarely experience battery discharge during their journeys.

Munjal’s advice to young entrepreneurs is to take calculated risks and trust in themselves. He emphasizes the importance of learning from mistakes and quickly correcting them. In his free time, Munjal enjoys traveling, photography, and adventure sports.

Overall, Hero Electric’s success can be attributed to its focus on cost-effectiveness, savings for users, and portable batteries, as well as its commitment to building a strong dealer network and providing excellent customer service. With the growing trend of electric vehicles in India, Hero Electric is well-positioned to maintain its market leadership in the coming years.

Summary:
★Hero Electric, one of the oldest electric vehicle companies in India, achieves a turnover of one thousand crore rupees and sells over one lakh electric vehicles annually.
★Naveen Munjal, the Managing Director of Hero Electric, discusses the company’s journey and its differentiation in the market.
★Hero Electric focuses on cost-effectiveness, savings for users, and portable batteries to maintain its market leadership.
★The trend of electric vehicles in India is growing, with a predicted 40-60% market share in the two-wheeler segment in the next five years.
★The price of electric vehicles is expected to decrease as the market share increases and the supply chain develops.
★Charging infrastructure for electric vehicles is already available in most households, and there are over 4,000 charging stations in the country.
★Munjal advises young entrepreneurs to take calculated risks, trust themselves, and quickly correct mistakes.
★In his free time, Munjal enjoys traveling, photography, and adventure sports.

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