Hero Cycles, Yamaha Motor Company and Mitsui & Co have entered into a strategic partnership for technology, manufacturing and marketing of Hero electric bicycle powered by Yamaha electric drive unit.
The first product for India to roll out from this alliance would be a high-end E-MTB bicycle, which is the same segment that has seen the fastest growth in Europe in the last year.
Yamaha Motor will supply Hero Cycles with drive units (E-kits), the power source designed for electrically power assisted bicycles, with Hero Cycles developing and manufacturing electrically power assisted bicycles utilising E-kits for sale under its own brand.
Test sales of these electrically power assisted bicycles utilising Hero Cycle’s sales channels will begin from spring 2019 in a limited number of cities such as Delhi.
“The partnership has been formed with a forward-looking plan which includes the development of new e-mobility products jointly by Hero and Yamaha, with go-to-market sales, distribution and marketing support by Mitsui & Co.,” said Hero Motor Company Chairman Pankaj Munjal.
The Indian bicycle market has a total scale of approximately 15 million units annually. The total demand for motorycles has reached 20 million units annually making India the world’s largest motorcycle market.
“Yamaha Motor considers that similar future growth in the electrically power-assisted bicycle market is possible,” said a statement from Yamaha.