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Hero MotoCorp and Gogoro® Inc announce strategic partnership

Posted On: 2021-04-21 11:53:59 (Time Zone: UTC)


Hero MotoCorp and Gogoro® Inc. today announced a strategic partnership to accelerate the shift to sustainable electric mobility in India. The partnership brings together Hero, the world's largest manufacturer of motorcycles and scooters, and Gogoro, the global leader in urban battery swapping and smart mobility innovation. The companies will establish a battery swapping joint venture to bring Gogoro's industry leading battery swapping platform to India and will collaborate on electric vehicle development to bring Herobranded, powered by Gogoro Network vehicles to market.

Commenting on the new partnership, Dr. Pawan Munjal, Chairman and CEO, Hero MotoCorp, said, "Our strategic partnership with Gogoro is in line with our Vision - 'Be the Future of Mobility' which we are bringing alive through our Mission to 'Create, Collaborate & Inspire'. Today marks another major milestone in our journey, as we bring Hero's leadership in two-wheelers, our Global scale and innovation powerhouse, with the leadership of Gogoro in Swapping business model, as they have demonstrated over the years in Taiwan and rest of the world."

"This partnership will further extend the work, which we are doing at our R&D hubs at the Centre of Innovation and Technology (CIT) in Jaipur & our Tech Centre in Germany. The vision and commitment of Hero and Gogoro is perfectly aligned towards the common goal of accelerating the shift to Smart, Sustainable electric mobility in India, and around the World. With this new partnership, we commit to introducing a sustainable mobility paradigm, first in India and then in other markets around the world. This partnership will strengthen and expedite the Indian government's electrification drive and will have a significant impact on India's energy and mobility future" he added.

"We are at a critical stage in the transformation of urban mobility and the evolution of smart cities. With more than 225 million gas-powered two wheel vehicles in India, the need for smart and sustainable electric transportation and refueling is vital," said Horace Luke, Founder & CEO, Gogoro Inc. "The Hero-Gogoro partnership addresses these challenges and will leverage Hero's market strength and Gogoro's industry leading innovations to deliver smart vehicles and refueling with Gogoro Network battery swapping."

GOGORO NETWORK

The Gogoro Network is a hyper-efficient battery swapping platform that was recognized by Frost & Sullivan with the 2020 Company of the Year Award for the Global Swappable Battery Electric Scooter Market. With more than 375,000 riders and 2,000 battery swapping stations, Gogoro Network manages 265,000 daily battery swaps with more than 174 million total battery swaps to date.

The Gogoro Network is an open platform for battery swapping and smart mobility services, delivering a fresh alternative to legacy fuel. Gogoro Network combines the power of connectivity, artificial intelligence, and machine learning to create a new generation of swappable battery refueling that is smart, scalable and continually optimizing itself to be dynamic and versatile for people, communities and businesses. The Powered by Gogoro Network Program gives Gogoro's vehicle maker partners access to Gogoro innovations and intellectual property including its intelligent drivetrains and controllers, components and smart systems, so they can develop and roll-out unique electric vehicles that integrate Gogoro Network battery swapping.

Shares of HERO MOTOCORP LTD. was last trading in BSE at Rs.2824.2 as compared to the previous close of Rs. 2786.55. The total number of shares traded during the day was 34223 in over 3423 trades.

The stock hit an intraday high of Rs. 2847.85 and intraday low of 2800. The net turnover during the day was Rs. 96769348.


Source: Equity Bulls

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