EV Mfr Greaves e-Mobility to Launch New Products Post Strong Dec Sales

Major EV manufacturer Greaves Electric Mobility, an arm of Greaves Cotton Ltd, is working on a new set of products, which will include a high-speed electric scooter and an electric three-wheeler cargo vehicle, according to media reports.

Two and three-wheelers make about 84 per cent of the Indian last mile mobility segment.

With the establishment of its new EV factory at Ranipet, about 115 km from Chennai, which can be ramped up to produce 1 million vehicles a year over phases from about 120,000 units now, and higher localisation levels in its electric products, strong retail presence through its Greaves Retail, the company hopes that it is well-positioned to benefit from growing acceptance of electric vehicles in the country.

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Last month, Greaves Electric Mobility (erstwhile Ampere Vehicles Private Ltd) sold more than 10,000 units, including 9,000+ electric two-wheelers, with the e-three-wheelers clocking a 101 per cent growth in sales a year ago.

Also, the October-December 2021 quarter was significant from many perspectives for the company. During the period, Greaves Electric Mobility acquired a 100 per cent stake in e-3-wheeler company ELE (e-rickshaws) and completed the acquisition of a 26 per cent stake in another e-3-wheeler company MLR Auto (Teja brand) along with the launch of the Ranipet mega EV factory.

Greaves Electric Mobility believes that its higher growth numbers in December came on the back of the new factory as well as the recently launched variant of large family e-scooter, Magnus EX, which offers more than 100 km range on a single charge with an advanced detachable lithium-ion battery, at a time when customers are struggling with petrol and diesel price hikes.

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Nagesh A Basavanhalli, MD and Group CEO Greaves Cotton Ltd, has now made a new revelation: “We will come out with a new high-speed scooter and our positioning will be affordable mobility. Under this, we will offer high speed, lithium-battery powered products. But we may not play in the sub-₹1 lakh category. More details about the new products will be announced in a quarter of two.”

Basavanhalli also indicated that the company will soon come out with a new electric cargo three-wheeler with a carrying capacity of about 500 kg, targeting categories such as e-commerce segment.

The company’s electric two-wheelers are sold under Ampere brand, while e-rickshaws are sold under ELE brand, which was acquired by Greaves in July 2020. To further strengthen its 3W business, it picked up 26 per cent in Hyderabad-based MLR Auto, which makes electric three-wheelers, a few months ago. With these three categories, the company hopes to emerge as a strong player in the last mile segment.