Kolkata-headquartered electric two-wheeler manufacturer, Motovolt Mobility Pvt Ltd is looking to roll out e-scooters for the mass market by Q4 FY23. The e-scooter, which the company claims would be fully indigenous, would be launched in the high-speed category (60 km/hour).
The company, which currently manufactures e-cycles and e-bikes, has lined up a plan to invest close to ₹200 crore over the next 18 months on new products and expansion of its footprint.
According to Tushar Choudhary, Founder and CEO, Motovolt Mobility, the e-scooter would be fully designed and made in India and would be targeted at the mass market. The company has sold close to 10,000 units of e-cycles so far and is looking to touch an annual run rate of 50,000 units by the end of this fiscal.
“We have grown by more than four times over last year and we are hopeful of touching an annual run rate of 50,000 units by the end of this fiscal. We are looking to roll out new products in our existing categories, that is, e-cycle and e-bikes, and also launch e-scooter by Q4 FY23,” Choudhary told businessline.
The company recently introduced URBN, the next-generation smart e-bike in West Bengal. Motovolt URBN is powered by a removable BIS-approved battery that is safe and easy to charge. It comes with a peddle assist sensor and offers multiple riding modes to support peddling or automatic ride preferences. Further, it comes with an ignition key switch, handle lock, and various other features. URBN needs no license or registration, allowing riders to enjoy hassle-free sustainable rides. The e-bike comes with an integrated smartphone app that claims to transform the experience of the daily ride for office goers, as well as college or school students in Indian towns and cities.
The company claims to be the second-largest e-cycle company and the market leader in the cargo e-cycle and smart e-cycle segment.
Ramping capacity; expanding footprint
Motovolt currently has a production capacity of 50,000 units. It is looking to ramp up capacity to around one lakh units annually in the next phase and set up a new unit either in north or south India. It is currently in talks with some State Governments and is hopeful of firming up plans for expansion soon. A portion of the fund raised would be used for ramping up capacity, he said.
The Central Government and various State Governments have been taking several steps to promote EVs in the country. There are Production-Linked-Incentives (PLI) schemes for EV makers, and in many states, subsidies are provided to EV buyers. Public EV charging stations and battery swapping stations are being supported, and there are also EV-exclusive zones being planned in some cities. These initiatives, alongside other EV-specific regulations and guidelines, are in the pipeline to build a safe and thriving EV ecosystem in the country, he said highlighting the huge opportunity in the segment.
Greaves Electric Mobility services 1 lakh e-scooters in 6 monthsThe services offered ranged from periodic services (free and paid services) to accidental, warranty and general repairs
The company is hopeful of achieving an annual run rate of around half a million units (5 lakh) in the next four years.
Motovolt has so far opened more than 100 physical retail points in a year. It now plans to make its pan India presence known with the opening of more than 250 retail points by the end of 2023-24.