Srivaru Motors is backed by NASDAQ-listed SRIVARU Holding Ltd in the United States and had introduced its maiden product -- an electric motorcycle PRANA in 2021 with a total capital infusion of USD 15 million, Ramasamy said during an interaction.
"We are launching today after conducting a series of tests of our products for two years. Now the PRANA 2.0 electric motorcycle has over 100 new components to its predecessor. We are producing the product at our manufacturing facility in Sulur (near Coimbatore) which can produce about 2,000 units a month," he told PTI.
The PRANA 2.0 electric motorcycle is priced at INR 2,55,150 (Ex-showroom Chennai) and can travel up to 150 km on a single charge. The company on the occasion also launched PRANA Elite at INR 3,20,250 (Ex-showroom Chennai) which can travel up to 250 km on a single charge.
"We are expecting to sell about 10,000 units.. After focusing on the domestic market, we will also sell our products in ASEAN countries to start with Malaysia and Singapore where we have a footprint and infrastructure," he said.
On the retail network, he said the company intends to have "less than 100" branches which would comprise of retail outlets owned by the company and franchise models. "It may happen in one or two years. Initially, we are focusing in the metros", he said.
Ramasamy said Tamil Nadu accounts for more than 40% of the country's electric vehicle demand.
"In 2023, India's motorcycle market achieved revenues exceeding USD 25.6 billion, with projections indicating growth to USD 36.1 billion by 2027. By 2030, it is anticipated that electric motorcycles will account for approximately 50 per cent of the market share, a significant increase from the current 3 per cent share of electric two-wheelers in India," he said.
The company also has plans to launch its electric scooters under the brand "ALIVE" in the coming months, he added.
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