Honda’s former joint venture in India has officially rebranded itself as Hero MotoCorp, revealing the company’s new logo and signaling the beginning of a new era for India’s largest motorcycle manufacturer.
Formerly known as Hero Honda, the joint venture claims a share of nearly half of India’s two-wheeled vehicle market. Honda decided in late 2010 to end its 27-year partnership with India’s Hero Motors, buying out its 26% share for $855 million, about half the market price at the time. Hero MotoCorp has a license to continue using Honda technology until 2014.
Despite having to continue on its own without Honda, Hero MotoCorp still intends to be a major player. The company announced plans for international expansion to 30 countries, with a target of 10 million units and US$10 billion in worldwide sales within the next five years.
Even the announcement of its new brand came with some fanfare. Hero MotoCorp held the announcement at the O2 Arena in London, England, with a number of celebrities, both western and Indian Bollywood celebrities. In addition to revealing the company’s new logo (right), Hero MotoCorp also unveiled two new models, the 110cc Maestro scooter, and the 150cc Impulse, India’s first dual sport motorcycle (pictured above with Bollywood star Ranbir Kapoor.)