Home Business EeVe India to invest Rs 1000cr in the two-wheelers EV segment

    EeVe India to invest Rs 1000cr in the two-wheelers EV segment

    • Targets 10% of the total EV market in next 5 years • Company has established its presence in Nepal and plans to move to other neighbouring countries

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    New Delhi, Dec 17,2021: India’s fastest growing Electric Vehicles(EVs) manufacturer, EeVe India on Tuesday said it plans to invest up-to Rs 1000cr in next 2 years towards R&D, developing new products in electric mobility solutions, improving existing manufacturing facilities, charging infrastructure, localization of parts, network expansion and brand building as it aims to capture 10% market share in the electric vehicle segment in India and strengthen its presence overseas. The Indian e-two-wheeler market is expected to hit 4.5-5 million by 2025.

    Aiming to address the environmental concerns, be economically viable and achieve carbon neutrality, EeVe India has forayed into futuristic high speed electric vehicle category with the launch of a new product – EeVe SOUL which was unveiled in New Delhi by Sh. Sudhendu Jyoti Sinha, Adviser (Infrastructure Connectivity- Transport and Electric Mobility) Transport, NITI Aayog and Sh. Abhijeet Sinha, National program Director – Ease of Doing Business and Project Director National Highway for EV.

    Addressing the media at the event, Mr. Abhijeet Sinha said, “Reducing oil-import bills and carbon emission is utmost priority for each country after recently committed timelines at COP26 summit. India will bring its economy’s carbon intensity down to 45% by 2030 as envisioned by PM Modi at COP26. Mobility has to largely contribute in this reduction and I am glad to add EeVe SOUL to this impetus with 50000 EV units in next 2 years with 150 dealers.

    Speaking at the launch Mr Harsh Vardhan Didwania, Co-Founder & Director, EeVe India, said, “We have a legacy of 80 years in the mobility industry with largest state-of-the-art 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 next 2 years. For this, we are working on strengthening and expanding our network system from existing 150 dealers& sub-dealers to 300 and mark our pan-India presence.” 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,” Mr Didwania added. The company is also working on increasing the annual production capacity from existing 3 lakh to 5 lakh units.

    EeVe SOUL, which willhit the roads from this New Year, is set to change the two-wheeler experience in the electric vehicles category. It is a fully loaded high-speed electric scooter featuring a top speed of 60 kmph, and a range of over 120 km in a single charge. This new addition is IOT enabled and has features which takes the game a few notches higher. SOUL comes with an anti-theft lock system, has GPS navigation, USB port, keyless experience, reverse mode, central braking system, geo-tagging and geo-fencing. With a three-year warranty on the vehicle, EeVe scooters are powered with advanced Lithium Ferrous Phosphate (LFP) swappable & detachable batteries which enable the user to conveniently charge the battery indoors. The scooter will take around 3-4 hours to charge from 0-100 and will have a top speed of 60 kmph, added Mr Didwania.

    EeVe’s manufacturing unit has state-of-the-art European technology complying to eco-friendly and sustainable manufacturing practices. This plant provides an integrated ecosystem for manufacturing and testing, vehicle assembly, and vehicle end of line testing having a present production capacity of 3 lakh units per annum.

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