Hero MotoCorp's Public EV Charging Infrastructure Launch Fails To Lift Up Muted Stock

Hero Motocorp’s shares remained muted as the company’s mobility brand VIDA debuted its public charging infrastructure in three Indian cities.

What Happened? Hero MotoCorp's electric vehicle (EV) arm VIDA has announced setting up a public charging infrastructure in Bengaluru, Delhi, and Jaipur. The brand has set up nearly 300 charging points at 50 locations across the three cities for public use.

VIDA’s fast charging network claims to let users charge their scooter’s battery at 1.2 km/min with each charging station offering both DC and AC charging sockets.

Those wondering where these charging stations possibly are, can use the ‘My VIDA’ app which helps locate the nearest charging station, reserve a charging slot, and navigate to the station. The app also features a payment system for added convenience.

Hero Motocorp’s first electric scooter debuted back in October 2022 with the launch of the VIDA V1 which was launched in two variants with a starting price of ₹1.45 lakh (ex-showroom).

The company currently features ‘Experience Centers’ in Bengaluru and Jaipur, and pop-up stores in Delhi-NCR, where customers can test-ride the Vida V1.

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Hero Motocorp earlier this month beat street estimates to report a 3.6% increase in standalone net profit at ₹711.06 crore for the third quarter that ended Dec. 31, 2022. The company posted a net profit of ₹686.13 crore in the corresponding period of the last financial year.

Revenues from operations last quarter rose by 1.9% to ₹8,030.98 crore over ₹7,883.27 crore in the same period last fiscal. Total expenses in the period increased by 2.5% to ₹7273.74 crore.

However, the two-wheeler giant hasn’t been doing all too well in the share market with a 10% drop in value over the past month.

Price Action: Hero Motocorp Ltd. shares were trading marginally higher by 0.048% at ₹2,501.35 on Thursday after a drop-off soon after markets opened.

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Posted In: Electric Scooterelectric vehiclesEV charging stationsHero MotocorpVida