Greaves Cotton plans to make a bigger push into high-speed electric scooters for urban commuters and electric cargo vehicles for last-mile deliveries, its executive vice chairman told Reuters.
The company showcased six new products at the country’s biennial auto show on Wednesday, including three new e-scooters under its Ampere brand and three new three-wheeled cargo and passenger vehicles.
The latest scooters will come with top speeds of 75km per hour and above, better performance as well as a range of 100-plus km on one full charge, Nagesh Basavanhalli said in an interview ahead of the show.
“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 electric two-wheeler industry has benefited from a mainstream push, with the government offering subsidies, setting ambitious near-term EV sales targets and attracting suppliers as well as investment in the sector.
Greaves’ Ampere brand has a 13 percent share of India’s electric two-wheeler market and it has sold over 66,000 vehicles so far in fiscal year 2023, according to data from the Society of Manufacturers of Electric Vehicles, an industry body.
The company plans to move up the price ladder with its new launches as it adds more features and enhances the performance of its scooters, Basavanhalli said, adding that its average selling price has jumped to nearly Rs. 1,00,000 from Rs. 40,000 rupees over the last 30 months.
The bulk, more than 90 percent, of its revenue comes from two-wheelers. Basavanhalli expects this to drop to 80 percent over the next 12 months as it pushes sales of its three-wheeled cargo vehicles and people movers.