JOIN USHero MotoCorp, the world's largest maker of two-wheeled vehicles, has signed an agreement with a European design and technology partner, Managing Director Pawan Munjal said, its third partner since its split from Japan's Honda Motor Co.
The Indian firm will announce the name of its new partner soon.
Last year Hero ended a 26-year joint venture with Honda Motor, a move that allowed it to explore new products and export opportunities in markets where the Japanese company has a presence.
“This company has end-to-end capability in all kinds of two-wheelers,” Munjal said, referring to the new partner, adding that it boasts expertise in engines, hybrids and electric bikes. “It is somebody from Europe.”
In February, Hero announced a partnership agreement with US superbike company Erik Buell Racing, and in March signed a research deal with Austrian engine manufacturer AVL. Munjal said Hero plans to buy stakes in its technology partners.
The planned transition in technology may happen before June, 2014, the scheduled deadline for using Honda’s technology.
The new partnership will allow the company to replace Honda’s technologies with its own on its current range of two-wheelers.
“We are still in touch with other companies (for partnerships),” Munjal said.
Technology alliances will allow the company to shore up its international operations, which require different set of modifications in the motorcycles than the ones sold in India.
The company is currently present in Sri Lanka, Bangladesh and Nepal and has started CKD (completely knocked down) assembly units in these countries and plans to start export to new destinations in southeast Asia, Africa and South and Central American countries.