Bangalore-based EKO Vehicle Pvt Ltd is all set to launch its electric scooter EV 60, priced at Rs 39,600, next month, a top company official said on Thursday.
The company would commence export of battery-operated two-wheelers to the US market from January next year, EKO Vehicle Chairman Anil Ananthakrishna told reporters in Bangalore.
The pollution-free EV 60 is priced at Rs 39,600 and slated for launch next month, he said.
Set up in January 2005, the company has so far sold more than 15,000 units of its first product under the brandnames Cosmic and Velociti.
"We have orders to deliver (another) 1,00,000 units," he said.
Ananthakrishna said the company would undertake a major expansion drive to raise its production capacity to 15,000 to 20,000 units a month next year. Currently, its contract manufacturing unit is located in Hyderabad.
"Each State (in most of the country) can absorb at least 2,000 vehicles per month and the potential market is increasing due to the enormous rise in the cost of petrol.
"We plan to sell 1,00,000 electric scooters in 2009-10 nationally with projected sales revenue of Rs 300 crore (Rs 3 billion)," he said. The company, which now has annual revenue of Rs 25 crore (Rs 250 million), has 65 dealers in six states.
"We will set up a new manufacturing facility at Peenya (in Bangalore) or (district headquarters town of) Shimoga," he said. The products would also be manufactured at two franchisee locations in Maharashtra and Goa.
The company's expansion activity entails an investment of Rs 30 crore to Rs 50 crore (Rs 300 million to 500 million), Ananthakrishna said, adding, it is in discussions with angel investors to raise funds.
The company would dilute its stake to the extent of 20 to 30 per cent to raise money.
