This month, Okaya Electric Vehicles will introduce its newest e-scooter, which will have an ex-showroom price of roughly 1.5 lakh and is aimed at the Gen-Z market. According to a top official of the corporation, the launch of the new electric car is intended to capture a sizable market share across the top six to seven metropolitan cities in the current financial year.
Currently, its product offering includes three different models of EVs, with prices ranging from $74,499 to $1,32,990. In addition to improving the vehicle’s appearance and feel, the new product has a battery that is tuned. Anshul Gupta, the managing director of Okaya Electric, told businessline, “We noticed that on average, EVs are driven 52 kilometres each day, so we optimised the battery by reducing its capacity from our top model’s 4.4 kilowatt-hours to 3.5 kilowatt-hours. Additionally, the front and rear brake systems have been added.”
Okaya Electric to launch a beast
Okaya Electric‘s new EV is scheduled to debut on August 15. The business asserts that major investments were made in order to offer products of greater quality. The MD stated that it has spent more than 500 crore over the past three years establishing infrastructure and R&D activities.
It now operates two factories with a combined capacity of 4 lakh EVs annually. Additionally, it intends to increase the size of its manufacturing footprint and anticipates establishing facilities in Rajasthan and Haryana by the year 2026.
“The future lies in the automotive centres of Rajasthan and Haryana. We have purchased land, and once our current capacities are at 60 to 65 percent, we will begin manufacturing.
The electric vehicle company claims to have made 365 crore in yearly revenue the year before. By the conclusion of this fiscal year, it hopes to reach an annual revenue of 1000 crore, driven by the approaching holiday shopping season, increased sales, and exports.
Okaya Electric only recently began exporting, around four months ago, and claims that all four markets, including Peru in South America, have responded favourably. “As of right present, our goal is to reach 20 nations by the end of FY24. We prefer to use the dealer-owned, dealer-operated model for our global expansion. We locate a principal importer who is capable of both importing and offering services, aftermarket support, and other things.
To further increase market penetration and increase the market share of its electric vehicle (EV), he noted, the current year will also see the introduction of new product offerings. Its electric vehicles are available via 471 exclusive dealers in 380 cities.
