Hero MotoCorp vehicles not to be sold under Hero brand name.
Auto Business News-July 31, 2019--Hero MotoCorp vehicles not to be sold under Hero brand name
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Auto Business News - 31 July 2019
Hero MotoCorp, an India-based automaker, has announced that it will not be able to sell its vehicles under the Hero brand name due to family settlement agreement between the New Delhi-based Munjal family and Pawan Mujal, promoter and chairman, Hero MotoCorp.
The company, comprising various verticals including automotive, was divided among the various family members under a family pact finalised in 2010. Due to the agreement, the company is likely to be forced to drop the Hero brand name and give their electric two-wheelers a new tag name. Under the contract, Naveen Munjal, promoter and managing director of Hero Electric Vehicles Pvt Ltd, has sole rights to use the Hero brand name for selling electric vehicles in the Indian market.
According to Hero MotoCorp, the company will launch new products based on new technology platforms and it is likely to select a different name, but all under the umbrella of the Hero brand. Accordingly, the company will continue to sell its new products through their dealerships, irrespective of the new brand names.
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