Hero MotoCorp On Friday unveiled its new identity ‘Vida’ for its emerging mobility solutions business, which includes the upcoming electric vehicles (EVs). Besides this, the company has also announced that it has lined up a global fund of $100 million to nurture over 10,000 entrepreneurs on ESG (environmental, social and governance) solutions. Also Read - Hero Sprint range of MTB and hybrid cycles launched in India: Check price, specs and more
“Vida means life, and the brand’s sole purpose is to create a positive impact on the world and move us all forward in meaningful ways. We believe the name is perfect for what we are building for our children and the next generation. This is truly the dawn of something special. In only 17 weeks from today, we will unveil our Vida platform, products and services to make the world a better place,” Hero MotoCorp Chairman and CEO Pawan Munjal said in a prepared statement. Also Read - Delhi govt announces FREE e-bus rides for all commuters for the next three days
Under its Vida brand, the company will introduce emerging mobility solutions, which includes the electric vehicle the company will officially be unveiled on July 1. The production of the said Vida electric vehicle model will take place at the company’s Chittoor-based manufacturing facility in Andhra Pradesh, with deliveries beginning later this year. Also Read - Hero Electric partners with Revfin to jointly finance 2,50,000 electric 2 wheelers
Apart from the introduction of Vida, Hero MotoCorp also announced that it has lined up a global fund of $100 million to nurture over 10,000 entrepreneurs on ESG solutions. This fund has been set up to help the company establish global partnerships. The fund will be spearheaded by the BML Munjal University (BMU) and Hero MotoCorp. It has the objective of nurturing more than 10,000 entrepreneurs on ESG solutions.
In other news, brokerage firm Goldman Sachs India has expressed guarded optimism for India’s two-wheeler market. The brokerage firm is currently backing Bajaj Auto with a buy rating. However, at the same time has provided Hero MotoCorp with a sell rating due to fears of high dependency of entry-level two-wheelers on financing.