As part of Greaves Cotton’s electric vehicle unit Greaves Electric Mobility, today announced the opening of its largest manufacturing facility in Ranipet, Tamil Nadu. MK Stalin, the Chief Minister of Tamil Nadu, and Thangam Thenarasu, the state’s Minister for Industries, jointly opened the facility, which is located in the state’s industrial heartland.
The plant, which covers 35 acres, is part of the company’s Rs 700-crore investment strategy to grow its domestic EV market share.
“Through Greaves Electric Mobility, we are solving real-world mobility challenges of common Indians. As a result, it’s no surprise that our e-mobility business grew by over 48% from H1 FY21 to H1 FY22,” Greaves Cotton’s MD and Group CEO, Nagesh Basavanhalli, was stated by news agency PTI.
The electric two-wheeler manufacturing facility, which costs Rs 700 crore to construct, expects to produce 1.20 lakh units each year. Women will make up 70% of the staff at the plant.
Last month, Greaves Electric Mobility, which sells electric scooters under the Ampere brand, sold 7,500 units. Ampere had already reached a milestone of one lakh electric vehicle customers in over 400 towns throughout the country in August. Greaves Electric Mobility also has well-developed retail and after-sales network with over 7,000 points of contact.
Magnus EX, a new electric scooter from the company, was just launched at a price of Rs 68,999. The new electric scooter has a higher range as well as a number of new and upgraded features.
“Interestingly, 40 percent of our sales are through referrals, indicating strong word-of-mouth patronage of the brand. This is the strength of our brand that is allowing us to aim big in the e-mobility space as we go about creating technically sound and comfortable-to-ride electric 2Ws at a scale that puts us in the forefront of the Indian EV revolution,” Basavanhalli said.
He also said that “this EV mega-site will help us meet the rising needs of discerning customers and fleet purchasers in the last-mile mobility market as we expand our capacities to produce a million EVs a year in future.”
“Tamil Nadu has now become the destination of choice for EV manufacturers. With a host of companies across the EV supply chain located here and in the process of setting up their operations, the state has emerged as the EV capital of India,” said Pooja Kulkarni, MD, and CEO, Guidance Tamil Nadu, the state’s nodal agency for investment promotion single-window facilitation.
