New Delhi, July 14, 2021.

Hero Electric Vehicles will invest Rs 700 crore by 2025 to rev up its business expansion, including setting up of a new manufacturing unit, for which it has raised Rs 220 crore to part-fund the activities, according to a top company official.

The company is planning to set up a new manufacturing facility with an annual capacity of 10 lakh units besides increasing production at its current plant at Ludhiana to 3 lakh units per annum from 75,000 units at present, as it targets to sell around 10 lakh units a year by 2025-26.

Moreover, it is also ramping up research and development (R&D), marketing, dealer network expansion, along with expanding its supply chain, service network and charging stations in order to cash in on the 'explosive growth' in demand for its electric two-wheelers.