EeVe India, an electric two-wheeler manufacturer, announced on Tuesday that it expects to invest up to Rs 1,000 crore over the next two years in new product development, charging infrastructure, and sales network expansion. The business, which debuted a high-speed electric scooter called the Soul on Tuesday, intends to capture a 10% market share in the electric two-wheeler industry. By 2025, the Indian electric two-wheeler industry is estimated to reach 45-50 lakh units.
We intend to invest up to Rs 1,000 crore over the next two years in order to roll out new goods, increase production capacity, and improve sales infrastructure, EeVe India Co-Founder & Director Harsh Vardhan Didwania told PTI. He went on to say that the investment will be paid for via loans and other financial instruments. In the future, the corporation will release two new goods per year, he said.
With the largest active manufacturing plant in the country, we have an 80-year tradition in the mobility business. We sold 15,000 units of our low-speed versions last fiscal year, and we are sure that we will sell another 50,000 units in the following two years, Didwania added.
For this, the business is strengthening and growing its network from 150 dealers and sub-dealers to 300 in order to have a pan-India presence, he added.
As a result of recent disruptions caused by environmental compulsions, awareness, and economic feasibility, the EV segment is undergoing a full metamorphosis. So, as a firm, we believe this is an excellent opportunity to take a significant step forward and drive the transformation in order to stay ahead of the curve, Didwania explained.
In addition, the business is in the midst of raising yearly manufacturing capacity at its Odisha-based factory from 3 lakh to 5 lakh units per year. Currently, the firm sells six electric two-wheelers. Next year, the EeVe SOUL will take the road.
The scooter has a peak speed of 60 kmph and can go more than 120 kilometers on a single charge. The e-scooter has features such as an anti-theft lock system, navigation system, USB port, keyless experience, reverse mode, central braking system, geo-tagging, and geo-fencing.
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