The company is in advanced negotiation with a bike maker in Slovakia for a partnership or an alliance which will give the company a footprint to cater a very significant demand emanating out of Western Europe, especially post Covid. “If you look outside, that’s where the whole e-cycle market is, and it is growing. The e-cycle has become the second car,” said Pankaj Munjal MD, Hero Cycles told ET. “I have packed my bags with a one-way ticket.”
The company claims its capacity is already sold out for 2021 and it is already securing orders for 2022-2023 already for the international markets and with the new facility in East Europe will help the company meet very high demand. The company hopes to sell 150,000 units of electric bicycles this year and ramp it up to 500,000 by next year. Munjal says, Hero Cycle is generating about Rs 400 crore of turnover from the overseas market, which is likely to grow by 50% in the coming two years, thanks to strong order book coming out of Europe.