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Yamaha Motor Studies Feasibility of Electrically Power Assisted Bicycles in India — Concludes MOU with Hero Cycles and Mitsui & Co. —

November 21, 2018

IWATA, November 21, 2018—Yamaha Motor Co., Ltd. (Tokyo:7272) has decided to engage in collaboration with major Indian bicycle manufacturer Hero Cycles and Mitsui & Co. regarding the business feasibility of electrically power assisted bicycles in India.

Based on surveys of consumer preferences and the various regulations in India, this collaboration will evaluate the business possibilities available for electrically power assisted bicycles in India. Yamaha Motor will supply Hero Cycles with drive units (E-kits), the power source designed for electrically power assisted bicycles, with Hero Cycles to develop and manufacture electrically power assisted bicycles utilizing E-kits for sale under its own brand.

Test sales of these electrically power assisted bicycles utilizing Hero Cycle's sales channels will begin from spring 2019 in a limited number of cities such as Delhi.

The Indian bicycle market has a total scale of approximately 15 million units annually, and the income level of the Indian population of 1.3 billion people has been rising along with the country's economic development. The total demand for motorcycles, a key Yamaha Motor business, has now reached 20 million units annually, and thus India has become the world's largest motorcycle market. Yamaha Motor considers that similar future growth in the electrically power assisted bicycle market is possible.

The Yamaha Motor electrically power assisted bicycles business began with the world-first launch of the PAS in 1993. Overseas sales currently focus on exports of E-kits to European bicycle manufacturers.

Yamaha-made Electric Drive Unit (E-kit)

Hero Cycles Company Overview

Company Name: Hero Cycles Ltd.
Established: August 1956
Chairman & Managing Director Mr. Pankaj M Munjal
Net sales 18.0 billion rupees (approximately 28.0 billion yen)
Number of Employees 5,500
Business Activities Manufacture and sale of bicycles and bicycle parts
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