HERO Ultra, the joint venture between $3-billion Hero group and a UK-based Ultra Motor Company (UMC), is targeting sales of around 20,000 units of its e-bikes — Velociti and Maxi — across the country this fiscal. The company has so far opened around 65 outlets in the northern region and four outlets in Hyderabad. It plans to offer 150 dealerships across the country. Of this, 40 will be allotted in the south by January 2008. The JV company also has plans to roll out electric three-wheeler light goods vehicle by January 2009. “We have already sold about 7,000 bikes in the last four months in Punjab, Haryana, Delhi NCR region, Gujarat and Rajasthan. We are targeting selling 20,000 units by the end of this fiscal,” says Hero Exports deputy CEO Gaurav Munjal. The two new electric bikes, Velociti and Optima, are priced at Rs 29,000 and Rs 34,819, respectively. The bikes run at one tenth of the running cost of conventional petrol driven two wheelers with a maintenance cost of 1/3 of a conventional scooter. Users can travel up to 70 kilometers with a single charge of the battery run bike. “There is a lot of potential for the electric vehicles in India. We expect a 200% growth in sales in the next fiscal,” said UMC chairman Ian Woodcock. Hero Ultra’s next initiative in the electric three wheeler light goods vehicle is in the advanced stages of completion, according to Deba Ghosal, director marketing, Ultra Motors. “The prototype is ready and already under testing in Delhi. It may cost Rs 1.5 lakh per unit and will transport goods up to 70 km per charge. We are trying to enhance its capacity to 100 km per charge,” Mr Ghoshal said.