The executive vice chairman of Indian vehicle manufacturer Greaves Cotton (GRVL.NS) told Reuters that the company intends to increase its investment in high-speed electric scooters for urban commuters and electric cargo vehicles for last-mile deliveries.
At the country’s biennial auto show on Wednesday, the company unveiled six new products, including three new e-scooters under its Ampere brand and three new three-wheeled cargo and passenger vehicles.
Nagesh Basavanhalli stated in an interview conducted prior to the show that the most recent scooters will have top speeds of 75 km/h or more, better performance, and a range of more than 100 km on a single full charge.
“We’ve been growing three to five times every year and with the advent of products, growth and momentum should continue in both two- and three-wheelers,” he said.
India’s market for electric two-wheelers has benefited from a push from the government, which provided subsidies, set ambitious short-term EV sales targets, and attracted suppliers and investment to the industry.
Data from the Society of Manufacturers of Electric Vehicles, an industry association, show that Greaves’ Ampere brand has a 13% market share of electric two-wheelers in India and has sold more than 66,000 vehicles so far in the fiscal year 2023.
According to Basavanhalli, the company intends to raise prices with its new releases as it increases its performance and adds more features to its scooters. He also noted that over the past 30 months, its average selling price has increased from 40,000 Indian rupees to nearly 100,000 rupees ($1,223).
More than 90% of its income is generated by two-wheelers. As it pushes sales of its three-wheeled cargo vehicles and people movers, Basavanhalli anticipates this to fall to 80% over the ensuing twelve months.