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Stella Moto, backed by Jaidka Group, announced its entry in the domestic electric two-wheeler market and stated that it will launch its first electric scooter ‘Buzz’ next month.
Already, the group is represented in the passenger and cargo segments of electric three-wheelers.
Bengaluru’s Jaidka Group, which is active in the transport, automobile, and logistics segments, has two manufacturing facilities – at Howrah, West Bengal, and Hosur, Tamil Nadu. The combined capacity of producing 20,000 vehicles annually.
Jaidka’s entry into the two-wheeler market will strengthen and intensify its position in the domestic EV space, the company stated in a statement.
Stella stated that it is also looking into high-speed electric scooters and electric bikes, plans for which will be revealed in the coming months. It added that these vehicles will be manufactured at the Hosur production plant.
“We spent the past few years building a strong R&D infrastructure and technology infrastructure for creating EVs. These vehicles will be available with the highest range and other features.
Director at Jaidka Group, Gopal K Jaidka stated, “We have been watching the EV market evolve over the past few years and have identified a few gaps, which we intend to fill with our new products offerings.”
According to the company, it expects to close the fiscal year with sales of more than 10,000 vehicles and will be looking to increase its production capacity to 1,00,000.Stella stated that it plans to open retail outlets within key cities. Stella has already appointed 55 authorized dealers and hopes to have 200 more in the next year.