EeVe India lines up Rs 1,000 crore investment to roll out new products, expand sales infrastructure

PTI, Dec 15, 2021, 3:03 PM IST

Electric two-wheeler maker EeVe India on Tuesday said it plans to invest up to Rs 1,000 crore over the next two years to roll out new products, set up charging infrastructure, and expand its sales network.

The company, which unveiled a high-speed electric scooter Soul on Tuesday, aims to garner a 10% market share in the electric two-wheeler segment. The Indian electric two-wheeler market is expected to hit the 45-50 lakh mark by 2025.

“We plan to invest up to Rs 1,000 crore over the next two years to roll out new products, enhance production capacity and sales infrastructure,” EeVe India Co-Founder & Director Harsh Vardhan Didwania told PTI. The investment will be funded through debt and other financial instruments, he added. The company would introduce two new products every year going ahead, he noted.

“We have a legacy of 80 years in the mobility industry, with the largest operational manufacturing plant in the country. Last fiscal, we sold 15,000 units of our low-speed models and we are confident of achieving the target of another 50,000 units in the next two years,” Didwania said.

For this, the company is working on strengthening and expanding its network from existing 150 dealers and sub-dealers to 300 and mark a pan-India presence, he added.

“The recent disruption due to environmental compulsions, awareness, and economic viability, the EV segment is set out for a complete transformation. So, as a company, we feel this is absolutely the right time for us to take a big stride forward, and drive the change to stay ahead of the curve,” Didwania noted.

The company is also in the process of increasing annual production capacity at its Odisha-based plant from 3 lakh units per annum to 5 lakh units per annum. The company currently sells six electric two-wheelers. The EeVe SOUL will hit the roads next year.

The scooter can attain a top speed of 60 kmph and can cover a distance of over 120 km in a single charge. The e-scooter comes with various features like an anti-theft lock system, navigation system, USB port, keyless experience, reverse mode, central braking system, geo-tagging, and geo-fencing.