Hero Cycles of India, which recently entered into the electric bicycle segment, has entered into a strategic alliance with Yamaha Motor Co., Ltd. and Mitsui & Co., Ltd. of Japan for technology, manufacturing & marketing of Hero electric bicycle powered by Yamaha electric drive unit.
The announcement was done at Yamaha Motors headquarters in Iwata, Japan by Hero Motors Company Chairman & Managing Director Pankaj M Munjal, Yamaha Motor Co., Ltd. Executive General Manager SPV Business Unit Mitsuyoshi Sunakawa and Mitsui & Co., Ltd. General Manager Third Motor Vehicles Div. Yuji Tokunaga.
“The partnership has been formed with a forward-looking plan which includes the development of new e-mobility products jointly by Hero and Yamaha, with go-to-market sales, distribution & marketing support by Mitsui & Co., Ltd.”, says Munjal. The first product for India to roll out from this alliance would be a high-end E-MTB, which is the same segment that has seen the fastest growth in Europe in the last year.
The announcement comes in the wake of other initiatives recently announced by Hero Cycles, amongst which the “Cycle Valley” project which would serve as is a hub for the end-to-end supply chain of the bicycle industry. The Cycle Valley would be led by Hero Cycles as the anchor investor and will create an ecosystem of suppliers in joint ventures with global bicycle component makers.
Hero Cycles Ltd. is the flagship company of the Hero Motors Company group, and is the world’s largest integrated bicycle manufacturer by volume, manufacturing and selling more than 19000 bicycles every day. Firefox Bikes India, Avocet Sports UK and BSH Ventures Sri Lanka are the other bicycles companies from the Hero Motors Company.
Yamaha Motor Co., Ltd is a world-leading producer of motorcycles, marine products, power products and surface mounters. The company’s diverse business and a wide variety of products are built around its proprietary technologies focused on small engines, chassis & hull and electronic control. Mitsui & Co., Ltd. is one of the most diversified and comprehensive trading, investment and service enterprises in the world, with 136 offices in 66 countries as of October 2018.