India’s largest two-wheeler manufacturer, Hero MotoCorp, has announced that it will invest $6 crore (about Rs. 490 crore) in partnership with US-based Zero Motorcycles to develop electric motorcycles.
A press release issued by the company said:
We have decided to design electric two-wheelers in collaboration with Zero Motorcycles, a premium electric motorcycle and vehicle motor manufacturer based in California, USA.
For this, our board of directors has approved an equity investment of up to 6 crore dollars in Zero Motorcycles.
Zero Motorcycles is a global leader in the manufacture of electric motorcycles and vehicle motors. The company’s consolidated revenue for 2021 was $6.07 crore, the press release said.
It may be recalled that Hero MotoCorp already owns more than 35 percent stake in electric two-wheeler company Aether Energy.