- Funds will go into R&D, new product development, facility expansion, says Pawan Munjal
The country’s largest two-wheeler manufacturer, Hero MotoCorp, said here on Tuesday it will invest Rs. 10,000 crore over the next five to seven years on research and development (R&D), new product development and expansion of facilities.
Announcing its ‘Vision 2020 — the Future of Mobility’, the company said it also aims to be carbon neutral by 2030.
“Over the next five to seven years, we would be investing around Rs. 10,000 crore in R&D of alternative mobility solutions, modern, state-of-the-art, sustainable manufacturing facilities, network expansion, and brand-building across the globe,” said Pawan Munjal, Chairman and Managing Director, Hero MotoCorp.
Later this year, it expects to cross 100 million vehicles in cumulative sales since the company started its journey, way back in 1985, he added. “Since April 2011 (after its separation from Honda), when we commenced our solo journey, we have invested a total of over $600 million in our R&D. Similarly, we have invested over $1 billion in setting up new manufacturing facilities and plants,” he said.
Sharing the company’s sustainability targets, Munjal said it aims to be carbon neutral by 2030, waste neutral by 2025 and 500 per cent water positive the same year.
“Changing times call for a change in structure. So, to address the new, emerging trends, we have created a separate vertical — the Emerging Mobility Business Unit — that is working on a range of mobility solutions for the future,” he added.
“We will redefine mobility through the creation of a robust roadmap that sets best practices and benchmarks for the industry. We have been driving innovation and technology advancements in the field of mobility for decades. Yet, it is imperative that we continue to shift gears and constantly keep innovating and inventing in every sphere of mobility.”
Hero MotoCorp launched BS-VI-compliant versions of its Glamour motorcycle model, priced at Rs. 68,900 and Rs. 72,000, and Passion Pro, priced at Rs. 64,990 and Rs. 67,190. The company also unveiled its premium bike Xtreme 160R, which will hit the markets in March.