Greaves Cotton plans to introduce several new electric two-wheelers

Greaves Cotton Ltd plans to introduce new models of electric two-wheelers to increase market share. The company’s executive vice-chairman Nagesh Basavanahalli said these vehicles would be from the comprehensive and premium categories. The company has unveiled five new concept products including the Ampere NXG and the Ampere NXU at the Auto Expo 2023. Also showcased the new Ampere Primus e-scooter. The company’s unit Greaves Electric Mobility Pvt Ltd has electric two-wheeler models Primus, Magnus EX and Rio Plus under the Ampere brand.

Basavanahalli told PTI that when the company started electric travel several years ago, its annual revenue was around Rs 18 crore, which has grown to Rs 320 crore in the last quarter. He said, “More than 1,00,000 vehicles have been sold in the electric vehicles market under the Magnus brand. So the products are well established. Now we’re doing something other than Magnus. We are bringing something new.” He said that till now the company’s two-wheelers were priced between Rs 85,000 and Rs 1 lakh. Now the company is preparing to introduce cheaper as well as higher priced vehicles. Basavanahalli said that the electric two-wheeler market in India is growing and about 2.5 lakh units were sold in the last financial year. This figure will reach around seven lakh units in the current financial year and is estimated to be around 13 lakh units in the next year. The company has 13-14 per cent market share, he added.

Disclaimer:Prabhasakshi has not edited this news. This news has been published from PTI-language feed.