Engineering company Greaves Cotton on Wednesday at the Auto Expo 2023 announced that it will be foraying into electric powertrains.
The company also showcased six new products at the country's
biennial auto show, including three new e-scooters under its Ampere brand and
three new three-wheeled cargo and passenger vehicles.
"Will leverage its decades of engineering expertise to
manufacture powertrains as it aims to lead last-mile passenger and cargo
mobility through a complete EV ecosystem stack," the company said in a
statement to the exchanges.
The company at the event unveiled three two-wheelers under
Ampere brand series -- Ampere Primus, Ampere NXG and a multi-utility scooter
Ampere NXU which can be also used for deliveries.
In the commercial three-wheeler segment, the company
unveiled an electric passenger vehicle Greaves ELP, cargo EV Greaves ELC and a
futuristic cargo concept Greaves Aero Vision.
The latest scooters will come with top speeds of 75
kilometres per hour and above, better performance as well as a range of
100-plus kilometres on one full charge, Nagesh Basavanhalli told Reuters 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% 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
100,000 Indian rupees ($1,223) from 40,000 rupees over the last 30 months.
The bulk, more than 90%, of its revenue comes from two-wheelers.
Basavanhalli expects this to drop to 80% over the next 12 months as it pushes
sales of its three-wheeled cargo vehicles and people-movers.
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