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Investment Plan: Hero MotoCorp is planning to invest Rs 900 crore in Altigreen, an electric three-wheeler startup based in Bengaluru.
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Strategic Move: This investment aims to diversify Hero's portfolio and establish a presence in the growing electric vehicle market.
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Altigreen’s Growth: The funding will help Altigreen scale its operations, expand its product lineup, and strengthen its market position.
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Mutual Benefits: The partnership benefits both companies, combining Hero’s industry expertise with Altigreen’s innovative EV technology.
Image Source - The Arc
Hero Motocorp to invest Rs 900 cr in Altigreen: Hero Motocorp, one of India's largest two-wheeler makers, will invest Rs 900 crore in Bengaluru-based Altigreen Propulsion Labs, an electric three-wheeler start-up. The big-ticket deal forms part of the planned foray of Hero into the electric vehicle market, which is witnessing very fast growth.
Why Hero Motocorp is investing in Altigreen
The proposed investment would further strengthen Altigreen's balance sheet for fast-tracking product development, manufacturing capacity, and market coverage. This is a step in the right direction for Hero MotoCorp to develop a foothold in the emerging electric three-wheeler segment that finds rapid traction consequent to urbanisation and a general movement towards sustainable solutions in transportation.
Image Source - The Economic Times
Altigreen's Contribution to the EV Market
Altigreen has been forging ahead in the EV space with its range of efficient and 'green' electric cargo three-wheelers. The brand aims to revolutionize the three-wheeler market dominated by conventionally fueled vehicles. Nudged by Hero, Altigreen will be expanding its dealer network across the country while increasing capacity and bringing in new models to meet specific market requirements.
Advantages of the Tie-Up
It would be a symbiotic partnership-the much-required capital to scale operations and drive growth for Altigreen, while Hero MotoCorp gains insight into and access to advanced EV technology. In that way, it would create a strong synergy between the two companies: Hero brings in vast industry experience, while Altigreen brings in innovative technology.
Image Source - ET Auto
A Roadmap for the Future
Hero MotoCorp is investing in Altigreen as part of its commitment to transforming and shaping the ever-changing automotive landscape in which electrification is fast gaining centre stage as the future of mobility. The strategic intent of leaping into the electric vehicle segment shows that such a move by the company points towards bringing innovations and expansions in the next few years.
Inputs by Agencies
Image Source: Multiple Agencies
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