Daimler AG and Hero Group to produce vehicles for Indian market

Daimler AG (formerly DaimlerChrysler AG) is a German car corporation and the world's thirteenth largest car manufacturer. By revenue it is the largest German company. As well as automobiles, Daimler manufactures trucks and provides financial services through its Daimler Financial Services arm. The company also owns a major stake in aerospace group EADS, McLaren Group, Mitsubishi Fuso Truck and Bus Corporation and Chrysler LLC.

Photo: Daimler AG and Hero Group to produce vehicles for Indian market

Hero group was started by the four Munjal brothers, hailing from a small town called Kamalia, now in Pakistan in the year 1944 by establishing bicycle spare parts business in Amritsar. After independence and partition of India, they moved to Ludhiana and started a bicycle unit called Hero Cycles in 1956.

By 1975, Hero cycles became the largest bicycle manufacturer in India. In 1984, Hero group joined Honda Motors of Japan to create Hero Honda Motors Limited which soon became one of the market leader in motor-cycle sales in India. By the year 2004, Hero Honda became the world' largest manufacturer of two-wheelers with over 48% market share in India. In year 2006, Hero Honda entered the scooter production with launch of its new model - Pleasure.