India's Greaves Cotton unveils e-scooter, electric cargo vehicles

Greaves Cotton

11/01/2023 05:31

By Praveen Paramasivam and Aditi Shah
       NEW DELHI, Jan 11 (Reuters) - Indian vehicle maker
Greaves Cotton  GRVL.NS  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 75
kilometres per hour and above, better performance as well as a
range of 100-plus kilometres 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% 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.
($1 = 81.7700 Indian rupees)
 (Reporting by Aditi Shah; Editing by Kenneth Maxwell)
 ((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023;
Reuters Messaging: twitter: @aditishahsays))