Electric One, a company based in India, has signed an agreement with Arjuna Ranatunga for entry into the Sri Lankan two-wheeler market via a joint venture company Electric One Lanka. The company plans to begin EV assembly in India by December, using battery technology developed by iPower, its Gurugram-based partner.
In Sri Lanka, the JV plans to open over 50 retail outlets in the next 5 years. The JV will invest approximately $5 million in the next 3 years, with the first phase being retail and distribution, and then moving on to local assembly and manufacturing.
These aggressive plans are part of the company’s strategy to capitalize on the enormous growth potential of electric two-wheelers in the country and Sri Lanka. The number of electric scooters sold in India has almost doubled each year. Our country sold 2.5 lakh electric scooters in 2020. According to Amit Das (CEO of Electric One Mobility), the sales rose to 5 lakhs in 2021 and 7 lakhs in the year 2022. They are expected to reach 25 lahks within the next year.”
Arjuna Ranatunga is a former Sri Lankan cricketer and was a Minister of Transport and Civil Aviation. In the last few years, Sri Lanka has been involved with solar and mini-hydro projects. He said, “In the past couple of years people have struggled with fuel shortages and economic crises back in my country [Sri Lanka]”, he added.
Dhiraj Tripathi, the co-founder, and COO stated that Electric One plans to expand into Africa and the Middle East, in addition to South Asia.