Commercial electric vehicle maker Altigreen has expanded its manufacturing capacity with an investment of ₹80 crore in a new production facility in Malur, Karnataka.
According to Altigreen founder and CEO Amitabh Saran, the 3,00,000 square feet facility is built to manufacture 55,000 units annually. He said to businessline, “With the transition to this new production facility, we plan to automate the future lines for higher productivity. An additional ₹50-100 crore would be invested to upgrade and automate the facility.”
The company manufactures three models of three-wheeler cargo EV: two in Altigreen neEV High Deck, and one in Altigreen neEV Low Deck. On a single charge, though ARAI tested for a 151-kilometer range, the vehicles are estimated to travel 120 kilometers when loaded, the company said.
Big expansion plans
In the next two years, Altigreen plans to build a second factory, expand internationally and expand its city presence from 15 to 100 cities. “Emerging markets such as Southeast Asia, Africa, and South America are our focus markets for our global expansion, and we want to establish our first international plant in Southeast Asia,” Saran said.
“As for our second production unit in the country, we will set it up in the northern region. With a manufacturing capacity of 45,000–55,000 units annually, and an estimated investment of around ₹100 crore, it is anticipated to launch around June 2023,” he added.
The CEO also noted that the upcoming fundraiser will allow them to carry out their expansion strategy. “We plan to raise ₹1,000 crore in a fundraising round by the mid of FY24. Following that, we’ll begin exporting. Instead of supplying complete vehicles, we plan to approach the overseas expansion through local partnerships, where we will supply all the vehicle parts to the local vendors. This would help us save time and money.”
Altigreen says it works with 167 domestic and international suppliers. By the end of FY24, it expects to have 3,000 employees. At present, it has a total employee base of 975 people.