This unusual situation arises from 2010, when the Munjals split the family owned Hero group into four. “We have the capability, we have the strength, we have the wherewithal, we have the financial muscle to become the EV leader.” Sohinder Gill, chief executive of Hero Electric, says the entry of a big player like Hero MotoCorp proves there’s a real shift happening and that will only expand the market: “There’s more than enough room for everybody to grow.” Complicating matters for Hero MotoCorp is that it cannot use the brand Hero Electric on any of its EVs. With about a dozen different variants, the privately held Hero Electric last year sold over 50,000 EVs. One of Munjal’s biggest competitors in the EV space is-ironically-his nephew Naveen Munjal, who runs a wholly separate company called Hero Electric Vehicles, which is now India’s market leader in electric two-wheelers by market share. “We have the capability, we have the strength, we have the wherewithal, we have the financial muscle to become the EV leader,” says Munjal, 67, in a video interview in August from Baltimore, where he was on a business trip. How does Pawan Munjal, the company’s chairman and CEO, respond to this challenge? He’s confident that Hero MotoCorp can not only make the shift but dominate the nascent EV market. Hero Xpulse 200 Courtesy of Hero MotoCorp
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