Hero MotoCorp, Taiwan’s Gogoro Unveils Plans To Build Electric Vehicle Ecosystem: ICICI Securities
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ICICI Securities Report
Hero MotoCorp Ltd. and Taiwan’s Gogoro Inc. have announced a joint venture to collaborate on development of a battery-swapping network in India based on the latter’s tech platform.
Hero-branded vehicles would be powered by Gogoro swappable batteries. Gogoro is a global leader in urban battery swapping and smart mobility innovation.
This partnership could aid Hero MotoCorp’s electric vehicle products’ acceptance as customer capital cost could be reduced significantly (we anticipate ~30-40%) as vehicles can also be sold without a battery.
We believe battery as a service could be an additional revenue stream for the JV; access to this in future be offered to other original equipment manufacturers too.
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