• Wednesday, May 22, 2024
businessday logo

BusinessDay

Honda to unveil 6 models of 2-wheelers, electric version in 2024

Honda to unveil 6 models of 2-wheelers, electric version in 2024

Honda Motorcycle & Scooter India (HMSI) said it has set plans in motion to launch about six different models of two-wheeler and two electric vehicles in the upcoming financial year towards expanding volumes in the local market.

Atsushi Ogata, president/CEO of HMSI, said, the company has outperformed the industry and expects to close this fiscal year with sales of over 4 million units.

“We expect to post similar growth next fiscal. We have a few launches planned over the next few months, which include 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 percent this fiscal, compared to a 16 percent increase in two-wheeler sales in the broader industry,” Ogata said.

The company is in the process of readying an exclusive facility to manufacture electric two-wheelers at its existing site in Narsapura, Karnataka.

Read also: Roxettes Motors, set to take Nigeria to the Electric Vehicles(EV) world map!

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 electric vehicle business structure. To fulfil our electric vehicle business requirements, we are coming up with a dedicated factory in Narsapura,” Ogata said.

At peak capacity, the company expects to produce 1 million electric vehicles annually by 2030. The company is also working on localizing the battery, motor and PCU to control costs.

“It is very important to reduce the costs of the battery system to increase the affordability of electric vehicles. Unless battery prices reduce, it will be very difficult to grow sales of electric vehicles sustainably,” Ogata said.

Ogata said the company will utilize its existing sales network of around 6,000 touchpoints to set up charging stations for electric two-wheeler buyers.

HMSI also planning to leverage the overall ecosystem, including battery-swapping stations at petrol pumps, metro stations, and other locations.