Hero Electric on Wednesday said it is set to roll out over 10 lakh vehicles annually in the next two to three years from its manufacturing units in India.

The company, which launched new versions of its three electric scooter models priced between Rs 85,000 and Rs 1.3 lakh, plans to set up a greenfield plant in Rajasthan with an annual production capacity of 20 lakh units with an investment of around Rs 1,200 crore.

"We have worked closely with our partners to cater to the surging demand for EVs in the country. As a result, we are proud to announce that we are all set to roll out over ONE million vehicles annually from our manufacturing units," Hero Electric Managing Director Naveen Munjal said here at the launch of the new models.

Asked when the company could touch the 10 lakh units per annum mark, he said it could be in the next two to three years.

In the ongoing fiscal, the company expects to end with over 1 lakh unit sales and in 2023-24 it could be around 2.5 lakh units.

He said currently the electric two-wheeler market is witnessing strong growth and Hero Electric is bullish on a sharp growth rate.

The company is currently setting up a new factory at Ludhiana.

Besides, through its strategic partnership with the Mahindra Group, for a shared facility in Pitampura, Madhya Pradesh, the company now has a manufacturing capacity of 5 lakh units.

Hero Electric plans to set up a greenfield plant at Rajasthan with an annual production capacity of 20 lakh units.

Hero Electric has cumulatively sold over 6 lakh units in 15 years of its presence in the Indian market.

The company launched its new Optima CX5.0 (dual battery), Optima CX2.0 (single battery), and NYX (dual battery) models.