Atsushi Ogata, President & CEO, HMSI, said, the company has outperformed the industry and expects to close this fiscal with sales of over 4 million units. “We expect to post similar growth next fiscal. We have few launches planned over the next few months, which includes a 125 cc scooter, 160 cc and 350 cc motorcycles. We will commence production and dispatches of our electric two-wheelers in March next year.”
HMSI expects to grow volumes by 21% this fiscal, compared to 16% increase in two-wheeler sales in the broader industry.
The company is in the process of readying an exclusive facility to manufacture electric two-wheelers at its existing site in Narsapura, Karnataka. The first two electric vehicles from HMSI – a fixed battery mid-range electric scooter and a swappable battery powered model – will be launched in about a year.
“Electric mobility is growing in India and our aim is to build the country’s best EV business structure. To fulfil our EV business requirements we are coming up with a dedicated factory in Narsapura,” Ogata said. At peak capacity, the company expects to produce 1 million EVs at this unit annually by 2030.
The company is working on localising the battery, motor and PCU to control costs. Ogata said, “It is very important to reduce costs of the battery system to increase affordability of EVs. Unless battery prices reduce, it will be very difficult to grow sales of EVs sustainably.”
Ogata said the company will utilise its existing sales network of around 6,000 touchpoints to set up with charging stations for electric two-wheeler buyers. HMSI also plans to leverage the overall ecosystem, including battery-swapping stations at petrol pumps, metro stations, and other locations.
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