Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, is foraying into electric vehicles with a new brand as part of its plan to switch to cleaner technology.
The company will launch its first EV on July 1 under the brand Vida and begin deliveries later this year, according to a statement on Friday.
The electric model will be produced at a factory in the Southern Indian state of Andhra Pradesh. The company will also set up a $100 million global sustainability fund to help entrepreneurs find environmental, social and governance solutions.
Getting gasoline two-wheelers off India’s roads is crucial to curb one of the world’s most toxic air environments as scooters and motorcycles pollute more than cars and account for 81 per cent of the vehicles in the nation.
Even though India has vowed to turn net carbon zero by 2070, EVs make up just 1 per cent of the nation’s passenger vehicle sales annually.
India has fallen behind other major economies like China, where EVs will account for 25 per cent of passenger vehicle sales by 2025, according to estimates from BloombergNEF.
The new branding comes after Hero Electric ─ a separate company headed by a nephew of Hero MotoCorp’s chairman Pawan Munjal ─ sought court intervention to stop the bigger rival from using the namesake brand for its coming electric vehicles, according to local media.
The company cited exclusive brand rights over all types of battery models based on a 2010 agreement that divided family businesses, according to the reports. Hero Electric withdrew the petition against Hero MotoCorp last month, the Economic Times reported.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
How Beautiful this world is!
AndhaDhun
Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
Fourth-round clashes for British players
- Andy Murray (1) v Benoit Paire, Centre Court (not before 4pm)
- Johanna Konta (6) v Caroline Garcia (21), Court 1 (4pm)
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
UFC%20FIGHT%20NIGHT%3A%20SAUDI%20ARABIA%20RESULTS
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