Mumbai-based engineering company Greaves Cotton, which has fully acquired electric vehicle company Ampere Vehicles, is looking to increase the number of exclusive outlets for Ampere to around 500 by the next fiscal year, up from the current 200. It has also started exporting Ampere electric two-wheelers to markets such as Nepal, Sri Lanka and Bangladesh, and is eyeing expansion to African markets.

“We are in the investment phase in Ampere, because we believe that is the future of mobility,” said Nagesh Basavanhalli, MD & CEO, Greaves Cotton, addressing reporters on Thursday. The company, which was traditionally involved in selling automotive diesel engines, has invested over ₹180 crore in Ampere so far. “We are committed to making this business succeed. The Ampere board is open to invest more as the market demand improves,” he said.

When Ampere was first acquired by Greaves Cotton in 2018, it had a 67.34 per cent stake in it. The acquisition was completed in November 2019. So far, Ampere has sold around 50,000 electric two-wheelers.

Apart from the 200 exclusive outlets, Ampere electric two-wheelers are also sold through Greaves Cotton’s retail outlets, taking its number of touchpoints to 380. The company has one manufacturing facility for Ampere in Coimbatore, which has a capacity to produce 60,000 electric two-wheelers per annum.

Sanjeev P, COO, Ampere Vehicle, said the electric two-wheeler market will double by the next fiscal year. Ampere currently has a market share of 18-20 per cent in the electric two-wheeler market, according to the company.

Greaves Cotton also plans to make its automotive engines fully BS-VI compliant by the end of this month. Basavanhalli said the company has invested ₹300 crore over the last three years in its automotive business, with a major portion directed towards the BS-VI transition.

 

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