New Delhi, Sep 29 (PTI) Hero MotoCorp on Thursday said it will invest USD 60 million (about Rs 490 crore) in US-based Zero Motorcycles to jointly develop electric motorcycles.

The country's largest two-wheeler maker said it is finalising a collaboration agreement with the California (US)-based manufacturer of premium electric motorcycles and powertrains.

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The company's board has approved an equity investment of up to USD 60 million in Zero Motorcycles, it added.

Zero Motorcycles is the global leader in electric motorcycles and powertrains. Its consolidated revenue for 2021 stood at USD 60.7 million.

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Hero MotoCorp noted that it is addressing the electric mobility space through a range of organic and inorganic collaboration initiatives and will launch its first electric product, under its emerging mobility brand Vida, on October 7, 2022.

The two-wheeler major already has a stake of over 35 per cent in electric two-wheeler company Ather Energy.

Shares of the company on Thursday ended 2.11 per cent down at Rs 2,534.20 apiece on the BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)