- 21 Sep 2022
- ICICIdirect Research
HERO MOTOCORP PARTNERS WITH HPCL TO DEVELOP EV CHARGING ECOSYSTEM
HEROMOTOCO - 4596 Change: -33.65 (-0.73 %)News:
Hero MotoCorp and Hindustan Petroleum Corporation (HPCL) have collaborated to set up charging infrastructure for two-wheeled electric vehicles (EVs) across the country. The two companies will first establish charging infrastructure at HPCL’s existing network of nationwide energy stations. In the first phase, charging stations will be set up in select cities, which will then be expanded to other key markets.
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This move comes just ahead of the launch of the company’s captive electric-2-W (October 7, 2022) with the company progressively working on the EV ecosystem through collaborations with similar tie-up announced with BPCL in the past in February, 2022. Each charging station will feature multiple charging points including DC and AC chargers. The entire user charging experience will be controlled by a Hero MotoCorp mobile app and will be a cashless transaction model.
Impact:
Neutral.