Mahindra & Mahindra (M&M) and Hero Electric announced today, a strategic partnership in electric mobility to cater to the growing demand for electric vehicles (EVs) in India.
As part of the partnership, Mahindra Group will manufacture Hero Electric’s electric bikes – Optima & NYX at their Pitampur plant to meet the growing demands of the market. Hero Electric’s manufacturing unit is in Ludhiana, and it sells a wide range of electric scooters.
The automaker and Hero Electric will enter into a 5-year contract with scope to enhance the area of collaboration in the future. Over the contract period, the value of the transaction is expected to be in the range of ₹140 – 150 crore. (Source)