Shares of Hero MotoCorp Ltd rose 2.5% to touch a day’s high of Rs 3,711.90 on 21st March after announcing its entry into the electric three-wheeler market.
Its board approved a Rs 525 crore investment in Euler Motors in multiple tranches to support this expansion.
The investment aims to strengthen its position in the fast-growing EV segment, where electric three-wheelers are expected to make up 35% of total sales.
Euler Motors, present in 30 cities, designs, manufactures, sells, and services electric three and four-wheelers.
Executive Chairman Pawan Munjal said this investment supports Hero’s expansion into the EV market and future sustainable mobility.
The investment is set to be completed by 30th April 2025, with Euler reporting Rs 172 crore turnover for FY24.
Hero’s profit rose 12% to Rs 1,203 crore in Q3 FY24, while two-wheeler sales grew just 0.3%, the weakest since Q2 FY23.
At 11:43 AM, the shares of Hero MotoCorp were trading 2.25% higher at Rs 3,678.05 on NSE.
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