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The groundbreaking ceremony for the electric drive manufacturing facility of HYM Drive Systems, a Joint Venture between Hero Motors and Yamaha Motors Co. (Japan) was held on 2nd April 2022. It was presided over by Mr Pankaj Munjal, Chairman and Managing Director of Hero Motors Company (HMC) Group.
The 100-acre Hero E-Cycle Valley currently manufactures Cycles and E-Cycles for Global Cycle OEMs and will start manufacturing Cycle components like Alloy Rim, Aluminum Frames, Handlebars, etc. This new facility inside Cycle Valley will start production by November 2022 with a capacity of 1 million drive units in phases. The product could be used in the Hero and Yamaha branded E-Cycles and sold to the global market through Hero and Yamaha’s OEM network – said a company statement.
Hero Motors and Yamaha Motor Co. (Japan) had entered into an agreement in October 2021 to create a Global E-Cycle (Electric) Drive Unit company at Hero E-Cycle Valley in Ludhiana.
“This Manufacturing Facility is a part of our Joint strategy with Yamaha to localize Electric Drive Units in India to cater to domestic as well as Global E-Cycle Markets,” said Mr Pankaj Munjal. He added, “HMC envisions India to be a global manufacturing hub for E-Cycles and the drive systems. The EU E-bicycle market is growing by 25% CAGR and E-Bike Market globally is expected to reach $49 Bn by 2028, probably the fastest across consumer product categories, and Hero is now well-poised to acquire a major chunk of this with key elements of the value chain in place – R&D, Manufacturing, Brands, Distribution and After-Sales Service. This joint venture is a major component of our ambition to be the first fully integrated player globally in the E-Cycles segment and adds strength to our initiatives like setting up of a world-class industrial park in Hi-Tech Cycle Valley, Punjab.”
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