Mumbai: Stella Moto, a diversified company sponsored by the Jaidka Group, revealed on Monday that it is entering the domestic electric two-wheeler market and that its first electric scooter, called Buzz, will be released the following month. The firm already has a foothold in the L3 category electric three-wheeler passenger and freight markets.
Two manufacturing facilities belonging to the Bengaluru-based Jaidka Group, which operates in the transportation, automotive, and logistics industries, are located in Howrah, West Bengal, and Hosur, Tamil Nadu, respectively, and have a combined annual production capacity of 20,000 cars.
Jaidka stated in a statement that by entering the two-wheeler market, it has strengthened and increased its position in the local EV market.
In the upcoming months, plans for the introduction of high-speed e-scooters and motorcycles will be revealed, according to Stella.
The Hosur manufacturing site will manufacture these cars, it was noted.
In order to produce EVs, we have invested the previous few years building a solid R&D and technological infrastructure. These cars, among others, are now ready for introduction. They have the finest range.
Gopal K. Jaidka, director at Jaidka Group, stated, "We've been watching the EV field grow over the last few years and have found certain gaps, which we want to solve with our new product offerings."
The firm stated that it aimed to increase its capacity to 100,000 units and that it expected to end the current fiscal year with sales of over 10,000 automobiles.
In addition, Stella stated that it planned to create stores in major cities and that it had already hired 55 authorized dealers, with a goal of having 200 by the end of the year.