Moreover, Hero MotoCorp has teamed up with Ather Power in a groundbreaking transfer for India’s EV trade. HeroMotorcorp has invested Rs 550 crore in Ather Power final 12 months and holds virtually 40% stake within the firm.
2] TVS MOTOR COMPANY
TVS Motor Firm is the third largest two-wheeler producer in India. TVS began its journey in 1962 by manufacturing automotive elements. In 1976, it expanded its operations to incorporate moped manufacturing. Later, in 1989, TVS Motor ventured into the bike manufacturing sector. From then, TVS Motor grew to become one of the vital acclaimed firms in India. It stepped its ft into the electrical car market in 2022 with the launch of TVS iQube. It has two variants iQube S and ST. Since its launch till the tip of December 2023, the TVS iQube has achieved complete gross sales of 252,676 items within the Indian market, reflecting the numerous growth of the electrical two-wheeler section. Increasing its product portfolio the corporate additional launched TVS X in November 2023.
In 2022, TVS Motor Firm recorded gross sales of 47,185 items, which noticed a considerable enhance to 166,287 items in 2023. This represents a exceptional year-on-year progress of 252%. The corporate plans to broaden its electrical two-wheeler lineup inside the subsequent 12 months to serve prospects throughout varied worth ranges. Moreover, it’s actively engaged on the event of an electrical three-wheeler. The corporate plans to ramp up the manufacturing of its iQube and TVS X scooters since they’re the second best-selling autos after Ola Electrical. To concentrate on World Market growth, TVS Motor had deliberate to speculate Rs 250 Crore in its newly launched TVS X.
3] BAJAJ AUTO
Bajaj Auto Restricted, an organization primarily based in Pune was established in 1940sthe. The corporate is the third-largest producer of bikes on the planet. The corporate launched its first electrical scooter Chetak in India in January 2020. In December 2021, Bajaj unveiled plans for a ₹300 crore funding to assemble an electrical car manufacturing facility in Pune. The corporate anticipates that the plant could have the capability to fabricate 500,000 electrical autos (EVs) yearly, serving each home and worldwide markets. Its present portfolio of Chetak Variants contains – Bajaj Chetak Urbane – Customary, Bajaj Chetak Urbane – Tecpac, Bajaj Chetak Premium – Customary, Bajaj Chetak Premium – Tecpac.
Its Electrical Three-wheeler contains Bajaj RE, Maxima Cargo, and Maxima Cargo XL. Bajaj Auto recorded gross sales of 25,315 items in 2022, which surged to 76,627 items in 2023, marking a considerable year-on-year progress of 203%.
Speaking in regards to the funding plans of the corporate, Dinesh Thapar, Chief Monetary Officer (CFO) of Bajaj Auto, in an interview with ET AUTO mentioned that the corporate’s present precedence is to broaden manufacturing capacities and improve networks. Bajaj Auto is about to fee a brand new facility for electrical three-wheelers by the tip of the present quarter. The corporate plans to speculate roughly INR 400 crore on this initiative till early subsequent fiscal 12 months. The corporate is specializing in each electrical two-wheelers and three-wheelers and plans to broaden its merchandise over the following few years.
4] WARDWIZARD INNOVATION [JOY- EBIKE]
Wardwizard’s enterprise into the EV section started in 2016 with the introduction of electrical bicycles beneath its Pleasure e-bike model, swiftly capturing the eye of the youthful demographic. Responding to escalating demand, Wardwizard diversified its product vary to incorporate low-speed two-wheelers like Gen Subsequent, Glob, and Wolf, Mihos interesting to a broad spectrum of age teams and eliminating the necessity for licenses or registrations.
Additional bolstering its presence within the EV market, Wardwizard inaugurated a distinguished electrical two-wheeler manufacturing facility, creating 6,000 job alternatives. Assembly the evolving client preferences, Wardwizard launched Thunderbolt, Hurricane, Beast, and Skyline in January 2021, solidifying its place as a pioneering drive within the EV trade and the primary BSE-listed firm within the sector since 2020, at present boasting a market capitalization of INR 1800 Cr. In February 2024, Wardwizard Improvements recorded gross sales of 841 items, which elevated to 1,019 items in March 2024, representing a month-on-month progress of 21.16%