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Hero MotoCorp Extends Partnership with Harley-Davidson to Develop New Motorcycle Variants
Team Finance Saathi
27/Dec/2024
What's covered under the Article:
- Hero MotoCorp extends partnership with Harley-Davidson for X440 motorcycle expansion.
- The collaboration will focus on developing new variants and manufacturing a new motorcycle.
- The agreement spans domestic and select international markets with significant business implications.
Hero MotoCorp Limited, one of the largest motorcycle manufacturers globally, has officially extended its partnership with Harley-Davidson Motor Company, Inc. The announcement, made on December 27, 2024, outlines an expansion of the existing collaboration between the two companies. The partnership will focus on growing the Harley-Davidson X440 line by introducing new variants and developing a completely new motorcycle. This partnership has been in place since October 2020, and this extension marks a significant milestone in the companies' efforts to cater to the evolving needs of motorcycle enthusiasts across the globe.
The new agreement has a broad scope, which includes development of a new motorcycle, contract manufacturing, and design and development charges. While the deal will involve both domestic and select international markets, the collaboration does not involve any share exchange ratio or joint venture structure. Hero and Harley-Davidson will focus on manufacturing and producing new models that reflect the needs of motorcycle enthusiasts worldwide.
Hero MotoCorp, with a turnover of INR 37,455 crore (FY 24), and Harley-Davidson, which posted a turnover of USD 5.84 billion in CY 2023, are combining their industry expertise to expand the X440 line and develop fresh models. The announcement is expected to provide significant benefits, including increased market share and an expanded presence in both the domestic and international motorcycle markets.
The extended partnership does not fall under related party transactions, ensuring that the deal is conducted at arm's length, without any direct involvement from the promoter group or other related parties.
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