Earth Energy Seeks To Invest Rs.100 Crore In Two Years As Electric Vehicle Demand Rises
Electric vehicle maker Earth Energy, which is expected to start deliveries of its Glyde electric scooter line at the start of next month, plans to invest around Rs 100 crore over the next two years as demand for electric vehicles (EVs) ) increases exponentially. forward, said its founding CEO, Rushii Senghani.
In addition, the city-based auto start-up, which has already made an investment of $ 2.5 million since 2017, plans to have four vehicle models, two scooters, a motorcycle and a utility vehicle in its portfolio of. produced by 2024, he said.
The locally manufactured Glyde range comes in two options, a low speed Glyde SX with a top speed of 25 km / h and a high speed Glyde SX +, which can go up to 90 km / h, the former requiring neither driving license nor registration. ride on the roads of the country.
“We have already invested around 2.5 million euros in the business with Tier 1 and Tier 2 OEMs (original equipment manufacturers) on our board, who have not only injected capital, but have also invested their expertise in the company. We are looking to invest more around Rs 100 crore in two years or so, ”Senghani told PTI.
He said the investment would be used to increase production, technology and R&D (research and development), among others, adding that “the funds will be raised through institutional and strategic investors in addition to the capital players – investment”.
Emphasizing that the company seeks to grow in a sustainable manner, Senghani said, “We believe in an attraction-based demand model rather than a push-based demand model. “
Over the next three years, Earth Energy expects four products in its product line, including a motorcycle and utility vehicle (CV), with the bike set to launch in 2022, he said.
“You have to do everything one by one and clutter up the market. So the scooter will come now, the motorcycle will come in 2022 and the CV later in the next two years,” Senghani said.
He also said production capacity would increase to 3,500 units per month from January to February next year for scooters and once the motorcycle is launched, an additional 1,000 units per month could be added.
The company has appointed distributors in 10 Indian states, including Maharashtra, Gujarat, Karnataka, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Chhattisgarh, Madhya Pradesh and Orissa.
Earth Energy said its vehicles are compliant with all public charging stations set up by government and private actors.
Obtaining a 98% localization in manufacturing and spare parts significantly reduces maintenance costs as well as the availability of spare parts, he said.
He added that this makes Earth Energy an attractive proposition for the modern commuter.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)