Hero Electric Losing the EV Market.

In 2022, they showcased the brand’s expertise with an impressive sales figure of 98,939 units, positioning itself as a key player in the electric mobility market.

However, 2023 tells a different tale: Hero Electric reported a stark -70% year-on-year growth, witnessing a sharp decline to a mere 29,800 units sold.

Hero Electric entered this arena with promises of eco-friendly and cost-effective solutions. Despite these aspirations, the recent downturn in sales suggests a struggle to maintain relevance and competitiveness.

The company’s limited engagement in online marketing, minimal vehicle discounts, and restrained display of specifications stand in stark contrast to the strategies employed by its competitors. 

Limited Marketing Impact

In August 2023, the Government ended subsidies for Hero Electric and six others due to unpaid dues, and non-compliance with subsidy rules, involving the alleged use of imported components.

Government Subsidy Hurdles

Hero Electric faces tough competition from OLA Electric, Ather Energy, and TVS in the EV market due to their aggressive sales, innovation, and diverse product offerings.

Fierce Competition

Hero Electric's pricing strategies may drive away cost-conscious customers, as they fail to meet expectations and perceived value in the market.

Competitive Pricing Strategies