Hero Motocorp has significant stake in Ather energy which is the premium tier. Ather has the technology, Hero Moto has experience in sales, marketing, distribution, logistics and everything else. In many technologies, first mover need not be a good thing. Apple never were a first mover in any of the things they’re excelling at. EV is still at a nascent stage with it’s own challenges as discussed in this thread many times. So what I’d say the field is ploughed well by many first movers and it’s a good time for the incumbents to disrupt the disruptors.
Though the new EV scooters are quite economical for onetime and lifetime ownership cost, still they lack the brand which people have trust. People doubt how long the battery will last and what will be the replacement cost, resale value, etc. This is where the incumbents have a big advantage, they can bring in the trust factor.
On a(n) (un)related note:
Yamaha is introducing EV scooter which is going to have lithium ion with battery swappable technology. This could be a very good strategy giving battery as a service.