The Hero Motors Company of India (HMC) Group announced on Tuesday plans to establish a new international headquarters in London, Hero International (HIT), as part of a drive towards expanding and strengthening Hero Cycles’ international presence. And the company aims to bring the European companies of HMC to one level and give their electric motorcycle business an important boost worldwide.
According to HIT, as part of a longer-term vision of increasing share of the profit-making E-Bicycle market in exponential growth in Europe, the new HQ will unify HMC-owned European companies, including HNF GmbH (Germany) and Insync Bikes (UK). Electric bikes are expected to grow at CAGR of 26 per cent between 2024 and 2030 at an estimated 30 million in Europe by 2030. HMC is focused on capturing a large part of this fast-growing e-bike market in order to reach sales of 300 million euros by 2025, with Europe being our main market, said the company’s Chairman and Chief Executive Officer, Pankaj Munjal.
“HIT will play a strategic role in streamlining and bringing together different strategic strengths of the group, including its European research, development and design centers, backed up with a scaling up of the company’s manufacturing capability in India. The dedicated headquarters in Europe will enable us to devise an effective long term growth strategy backed up by manufacturing support from India where we are scaling up production capacity significantly through the International Cycle Valley,” added Munjal. Global R&D at the HMC Unit for Premium Engineering is currently centralized with HNF in Berlin. HIT will provide the company in Europe with unified and strategic leadership in the financing, strategy and supply chain activities.
