New Delhi, Nov 28 (UNI) Hero Ultra, part of the diversified Rs 12,000-crore Hero Cycles Ltd today said it will sell around 20,000 units by the end of March-end, thereby achieving a top-line revenue of around 16 million dollars.
A joint venture between the Hero Exports, an affiliate of Hero Cycles Ltd, and the UK-based Ultra Motor Company, Hero Ultra also plans to expand its dealerships across the country to 100 by the end of this month and and further to 150 outlets by the end of current fiscal.
''India is an important market for us and offers an opportunity in Electric two wheelers. We have found a valuable partner in Hero Group in creating this new opportunity and tapping its potential,'' Ultra Motor Company Chairman Ian Woodcock said while achieving the landmark of 10,000 unit sales of Electric Two Wheelers.
''We are pleased to achieve this important milestone of 10,000 customers in India. It proves that this country is ready for a new, efficient and cost effective way of personal transportation,'' Naveen Munjal CEO Hero Exports said.
According to a 2006 survey conducted by AC Neilsen, the category potential of electric vehicles for 2007-08 is around 2,00,000 units and is projected to grow to 4,90,000 units in 2008-09.
Hero Cycles Ltd had earlier in October 2006, signed a Technical Collaboration-cum-Joint Marketing Agreement with Ultra Motor Company, to produce and jointly market a range of 'Hero Electric - Ultra Powered' electric two wheelers in India.