Hero MotoCorp Ltd. of India entered into a partnership with Gogoro Inc. of Taiwan in pursuit of a strategy to introduce products that rely on battery swapping as opposed to charging stations, possibly in 2022.
Gogoro is a global leader in urban battery-swapping and smart mobility innovation while Hero is the world’s largest manufacturer of motorcycles and scooters.
The companies will establish a joint venture to bring Gogoro’s industry leading battery swapping platform to India and will collaborate on development of electric vehicles to be launched under the Hero brand.
Dr. Pawan Munjal, Chairman and CEO, Hero MotoCorp, said, “Our strategic partnership with Gogoro is in line with our vision — Be the Future of Mobility, which we are bringing alive through our mission to ‘Create, Collaborate & Inspire’. This collaboration marks another major milestone in our journey, as we bring Hero’s leadership in two-wheelers, our global scale and innovation powerhouse, with the leadership of Gogoro in the swapping business model, as they have demonstrated over the years in Taiwan and the rest of the world. This will further extend the work which we are doing at our R&D hubs at the Centre of Innovation and Technology (CIT) in Jaipur and our Tech Centre in Germany.”
Horace Luke, founder and CEO of Gogoro Inc., said, “We are at a critical stage in the transformation of urban mobility and the evolution of smart cities. With more than 225 million gas-powered two wheel vehicles in India, the need for smart and sustainable electric transportation and refuelling is vital. The Hero-Gogoro partnership addresses these challenges and will leverage Hero’s market strength and Gogoro’s industry leading innovations to deliver smart vehicles and refuelling with Gogoro Network battery swapping.”
The Gogoro Network is a battery swapping platform that was recognised by Frost & Sullivan with the 2020 Company of the Year Award for the Global Swappable Battery Electric Scooter Market. With more than 375,000 riders and 2,000 battery swapping stations, Gogoro Network manages 265,000 daily battery swaps with more than 174 million total battery swaps to date.
Hero will get access to Gogoro innovations and intellectual property, including its intelligent drivetrains and controllers, components and smart systems, so they can develop and roll-out unique electric vehicles that integrate Gogoro Network battery swapping. The company can be expected to make use of these resources to roll out new models of EVs.
Hero MotoCorp currently sells its products in more than 40 countries across Asia, Africa, Middle East, and South and Central America. It has eight state-of-the-art manufacturing facilities, including six in India, and one each in Colombia and Bangladesh.