Honda Motorcyles and Two Wheelers India (HMSI) is working on multiple electric vehicles for the Indian market, and the brand’s first electric scooter will be priced lower than the petrol-powered Honda Activa, HMSI President Atsushi Ogata said. He also said that HMSI is aiming to capture 30% market share in India’s electric two wheeler market by 2030. To achieve this, Honda plans to launch at least three new electric two wheelers by 2030, and the company expects to sell at least one million of them. EVs through these launches.
Here’s what Mr. Ogata said,
We have completed the feasibility study. Our first electric product is under development. We expect the electric two-wheeler market to reach around 30 lakh units by 2030. We want to launch multiple models and have 30% share in the category by the end of the decade. The first electric two-wheeler will give a top speed of 60 kmph. The vehicle will be positioned below the Honda Activa, which is tagged between ₹72,000-75,000 (ex-showroom). With this product, we are targeting customers who are looking at electric two-wheelers as an additional option. It will be an affordable mid-range product for wheelers as an additional option. It will be an affordable mid-range product for specific use cases.
Currently, only two legacy two-wheeler brands – Bajaj Auto and TVS Motors – have a significant presence in the electric two-wheeler space, which is dominated by start-ups like Okinawa, Ather and Ola. Soon, all this will change as almost every legacy two-wheeler brand will launch competing electric scooters. Yamaha has confirmed plans that it is working on an electric scooter for India, and so has Suzuki.
Honda has gone to the extent of revealing the top speed and price level at which it plans to set its first EV, while Hero MotoCorp will enter the EV sector through the Vida sub-brand as early as next week . Notably, Hero MotoCorp is a major investor in India’s most famous electric vehicle start-up Ather, and also sells Ather electric scooters through Hero dealerships.
Even TVS Motors also has a majority stake in Ultraviolette, a high-performance electric two-wheeler company headquartered in Bangalore. Once the older players enter the electric two wheeler space, it will be interesting to see how the start-ups cope. Older players come with decades of engineering, manufacturing and distribution experience, and are likely to give EV start-ups a big run for their money.
