HYM Drive Systems, a joint venture between Hero Motors and the Yamaha Motor Company, has set up a new plant to manufacture electric drive units for electric cycles at the Hero E-Cycle Valley facility in Ludhiana. The Hero E-Cycle Valley facility manufactures premium push bikes for the global market.
HYM envisions India as a global hub for manufacturing e-cycles
Hero Motors to set up Technical Center to design electric drive units
HYM Drive Systems’ new state-of-the-art facility includes a hi-tech motor assembly line, along with in-house motor winding and end-of-line testing.
HYM plans to start production in 2023, with an output of 3,00,000 motors per annum in Phase 1 and a million units in Phase 2. The motors will be sold across global markets through the Hero and Yamaha OEM network and will also be used in their e-cycles.
Pankaj Munjal, chairman of Hero Motors, inaugurated the new facility in the presence of senior executives from Yamaha Motor Co, strategic partners and other stakeholders. The joint venture is the next step in the strategic alliance that was forged between Hero and Yamaha in September 2019 to work together in the e-cycle product segment.
At the opening of the new plant, Pankaj Munjal also stressed on the fact that the market for electric cycles has witnessed a steady growth. He cited the European e-bicycle market which has been growing at a double-digit rate and is expected to sustain this level of growth in the future.
To take it a step further, Hero Motors is planning to set up a Technical Center in 2023 to design complete electric drive units, which will include motors from HYM and other components like battery, controller, charger, display, sensors and connect applications from automotive suppliers in India and the EU.