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Motovolt Mobility, an electric two-wheeler manufacturer, said that it will invest Rs 200 crore in new products next year and expand its sales network.
On Tuesday, the company launched the electric bike URBN in two versions. The company is now looking to establish satellite manufacturing units in order to be more accessible to the market.
“We have a plant at Kolkata now. We are looking to set up satellite manufacturing units in North and South India so that we can be closer to the market,” said Motovolt Mobility Founder and CEO Tushar Choudhary.
The annual capacity at the Kolkata plant is 50,000 units.
“In the next phase, we are looking at a capacity of one lakh annually for which we are considering a new unit, preferably in North India as Delhi is an attractive market for us considering the incentive we are getting for the URBN e-bike,” he added.
He said that the company aims to sell 50,000 units by March 2023.
Choudhary said, “Next year in 2023, we will be investing Rs 200 crore. This will take care of new production unit, more products besides sales network expansion and marketing activities.”
The company has already made investments of Rs 60 crore. Motovolt will launch an electric scooter during the fourth quarter of 2022. It is also working on new products for the e-bike market.
“Our focus is on electric two-wheelers. We want to offer a full range from electric bicycles to scooters,” Choudhary said.
The company intends to double its sales network to 250 by 2022-23, up from 100 currently. URBN is a great option for commuters and can travel up to 120 kilometres per charge.
Choudhary stated that the company is in talks with online food delivery companies to supply their fleet. Currently, URBN’s localization level is approximately 70% with key components such as battery cells from China.
“In due course of time, we intend to source the battery cells from India when they are available here,” he said. He also said that the products were designed and developed in the country during the past two years, with over 50,000 km of testing.
He stated that Motovolt has received interest from customers from abroad, including those from China and Taiwan. They are looking for an Indian source. In the future, Motovolt may enter into joint ventures with foreign players.