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Hero MotoCorp has postponed the unveiling of its first electric vehicle.
New Delhi:
The country’s largest two-wheeler maker Hero MotoCorp can use the ‘Hero’ trademark to sell its upcoming electric vehicles, as per a ruling by an arbitration tribunal.
In a late night regulatory filing on Thursday, the two-wheeler major stated that the tribunal has ruled in its favour regarding the use of the trademark. Electric two-wheeler maker Hero Electric had sought an injunction against Hero MotoCorp using the ‘Hero’ trademark for its electric vehicles.
“Significantly, the arbitration tribunal emphasised on the investments to the tune of Rs 400 crore made by Hero MotoCorp on the business of electric vehicles and expenses of almost Rs 7,000 crore on brand building of Hero in the past 10 years,” the company stated.
The tribunal has found the case of Hero Electric unmerited in the interim, it added. The tribunal would now conclude the matter after final consideration of the case, Hero MotoCorp noted.
The two-wheeler major has already postponed the unveiling of its first electric vehicle scheduled for July, till the festive season this year.
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