Hero MotoCorp bets big on EVs, ready for cash-burn

NEW DELHI: Pawan Munjal, chairman of Hero MotoCorp, has said the company is ready to shed its ‘old guard’ stance and play the startup game — including getting into the ‘cash-burn’ customer-subsidy model, if the need arises — as it lines up new investments worth thousands of crores, while being open to raise fresh funds.

The bold statement by Munjal, a generally reticent businessman, comes at a time when the SoftBank-backed Ola Electric is challenging traditional two-wheeler players with its green scooter that claims to have garnered one lakh bookings in just one day (vehicle gets launched on August 15).