Okinawa Autotech, which is said to be the second-largest electric two-wheeler manufacturer in the country, has commenced operations at its second production unit in Bhiwadi, Rajasthan, as the company increases its local manufacturing capacity with an eye on exports.
To start off, the new plant is expected to churn out 3 lakh electric vehicles per year. This will be increased to 10 lakh in the next 2-3 years. The company's other unit at Alwar, Rajasthan rolls out close to 1.8 lakh vehicles per year. It manufactures half a dozen high speed and low-speed electric scooters.
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3 new vehicles by the end of the year
Okinawa will pump in close to Rs 250 crore for its expansion drive, and it will also tap private equity players for further investments. The wholly-owned promoters company is ready to divest some of their stakes to raise more money (close to Rs 500 crore).
Okinawa along with companies like Hero Electric, Ather Energy, Bajaj Auto, TVS Motor Company, Ampere Vehicles and Ola Electric, are the main players in the electric scooter market in India.
Okinawa's iPraise is one of the top-selling electric scooters in the country. Okinawa is planning three new vehicles this year.
Jeetender Sharma, MD and Founder of Okinawa Autotech, in a press release said, "The market is evolving at a fast pace, and the ramped-up capacity will undoubtedly aid us in bolstering the mass transition to e-mobility with a diverse and innovative product portfolio."
One of it will be a high-speed scooter, which is expected to launch next month. The second one will be a high-speed motorcycle, which will have a speed of more than 80-90km per hour, and will make it to the markets in the second half of the year..
Okinawa has built a dealership network of 400 across the country which it plans to take up to 500 by the next financial year.
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