Hero MotoCorp to invest $60 million in US-based Zero Motorcycles
03 Oct 2022
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Hero MotoCorp, India’s largest manufacturer of two-wheelers, on Thursday announced plans to invest $60 million in California-based Zero Motorcycles, to jointly develop electric motorcycles.
Zero Motorcycles is the global leader in electric motorcycles and powertrains. Zero Motorcycles combines Silicon Valley technology with traditional motorcycle soul to elevate the motorcycling experience for riders around the world, Hero said in an exchange filing.
Hero, which seeks to expand its presence in the green mobility space, will launch its first electric product under its emerging mobility brand Vida on 7 October, the company stated.
“This investment is not a related party transaction. No promoter/ promoter group/ group companies have any interest in the entity in which the investment is being made," the company said.
The move comes after Hero in January announced an investment of more than $56 million in electric vehicle (EV) start-up Ather Energy — India's top electric-scooter maker by revenue.
Earlier this month, it partnered with state-run Hindustan Petroleum Corp to set up EV charging infrastructure across the country.
The move comes after Hero in January announced an investment of more than $56 million in electric vehicle (EV) start-up Ather Energy — India's top electric-scooter maker by revenue.
Earlier this month, it partnered with state-run Hindustan Petroleum Corp (HPCL.) to set up EV charging infrastructure across the country.
