EBike

eBikeGo plans to capture the e-Cycle market through a Global Retail Expansion

HOP Electric is targeting up to three-fold rise in its annual sales in 2024 and is preparing to launch an electric motorcycle equivalent to the mass market entry level bikes of conventional engines to shore up volumes, according to company Founder & CTO Rahil Gupta. The company, which has two electric scooters and an electric bike in its portfolio, is also looking to raise around USD 25 million next year to fund production capacity expansion. "In the last three years we have been growing 100 per cent each year. I think 2024 will be no different," Gupta said when asked about the outlook for the next year. On absolute sales volumes, he said,"This year I think we will sell about 20,000 electric scooters and motorcycles and next year we will be trying to push it to around 50,000 to 60,000 units." When asked about future product plans, he said the company has been working on its new platform 'Nimbus' to develop an electric bike equivalent to a 100 cc conventional engine motorcycle, one

Amphibious drones for maritime inspection, devices that extract pure oxygen from water for patients in need, and self-balancing electric bikes were some of the top innovations on display

The company highlighted India and the Asean region as places where it aims to expand market share. Mihara said new production facilities will "highly likely" be in India and Southeast Asia

The government has said it wants electric variants to account for 70% of two-wheeler sales - which also include motorcycles - by 2030, a huge jump from 14% currently

Interestingly, the share of EVs in the overall two-wheeler sales for the month was seen at 3.5 per cent, compared to 7 per cent in May 2023 and 3.6 per cent in June 2022

Royal Enfield is also the undisputed leader in the 250cc-350cc segment, virtually owning the market at a whopping 94 per cent share

Bajaj Auto's domestic sales of its electric scooter Chetak grew over four-fold to 36,260 units in FY23, with the easing of global semiconductor shortage, according to the company's latest annual report. In FY22, Chetak electric scooter clocked sales of 8,187 units, as per Bajaj Auto's Annual Report for 2022-23. "The global semiconductor shortage that affected the industry, right up to the first quarter of FY2023 also affected the Chetak. Thus, despite market demand, Bajaj Auto could not produce the quantities needed right up to the end of Q1 FY2023," it said. Thereafter, Bajaj Auto said, "the supply-side constraints eased, and we increased the manufacturing of the Chetak". The iconic brand Chetak was re-introduced in the market as an electric scooter in FY2021. In the year ended March 2021, domestic sales of Chetak EV were at 1,395 units. The Chetak is currently sold through 105 dealers present across 84 cities, the report said. In his address to shareholders, Bajaj Auto Chairman

The Society of Manufacturers of Electric Vehicles (SMEV) has called upon the government to levy an additional green tax on two-wheelers with internal combustion engine to incentivise EV adoption and help in the reduction of pollution creating crude oil imports. The Green tax would also rationalise the expected drop in sales of EV on account of reduction in subsidies starting this month, the industry body representing electric vehicles said in a statement. SMEV believes that an increase in taxes to the tune of 100 basis points on traditional polluting ICE 2-wheelers will be required to fund subsidies for electric two-wheeler vehicles and put the FAME scheme back on track, it added. SMEV Director General Sohinder Gill said it is time that the EV sector is allowed to compete at par with ICE vehicles. "While we are tackling awareness and adoption issues as an industry, the biggest hurdle is the cost of ownership as India is a price sensitive market. "Additional Green Taxing of ICE ...

For FY23, SMEV's projection was close to that of the government as it expected sales to be over 1 million

Ahmedabad-based Matter will be competing with players such as Ola Electric and Ultraviolette in the electric motorbike segment

Registrations in February slowed compared to the previous months, partly because of the FAME-II subsidy issue and also because there were fewer days in the month

Still FY23 sales figure, so far, is up 146%; FY24 outlook is bright, say experts

Revfin plans to use the funds to expand its geographical footprint to 25 states and capture over 10 per cent national market share of financed electric three-wheelers

Moto Business Service India, a leasing firm of Yamaha Motors, announced a partnership with Chennai-based FullFily, marking its foray into electric two and three-wheelers asset management services

The facility will develop powertrain as well as multiple product portfolios for both domestic and international markets, eBikeGo said in a statement.

This includes the JV with Tacita; company is in talks with PE firms

With this launch, the company said it now has five tbike models in its product portfolio

EMotorad has raised $3-million in a strategic seed round funding from two investors for scaling up its current facilities and expanding its presence across the domestic and overseas markets

The Chennai-based firm has bought 80% stake in EGO for $17.9 mn; aims to generate $100-150 mn in next 3-5 years by participating in growing demand for e-bikes in the continent