Leading electric two-wheeler maker Hero Electric is looking to expand production capacity to five million units in the next five years to meet growing demand for electric vehicles in the country.
In the first phase, the company will make operational production capacity to 500,000 two-wheelers at its facility in Ludhiana (Punjab) by the middle of next year. Thereafter, the company will set up additional capacity at a new location.
With fuel prices on a boil, the government revising upwards incentives available under FAME II, demand for electric vehicles have grown sharply in the first eight months of the ongoing financial year.
