Greaves Cotton plans to introduce e-scooter in both the mass and premium segments going forward. The company plans to introduce e-scooters above and below the Rs 80,000 to Rs 1 lakh range. It is currently showcasing its new Ampere Primus high-speed B2C e-scooter at the ongoing Auto Expo 2023. Greaves showcases five new product concepts, including Ampere NXG and Ampere NXU.
The company’s arm, has e-scooter models Primus, Magnus EX and Reo Plus under the Ampere brand umbrella.
In an interview with PTI, Basavanhalli said “several years ago”, the annual revenue was about Rs 18 crore. It reached a quarterly revenue of Rs 320 crore in the last quarter.
“So our growth has been based on incrementally adding values and demonstrating that value proposition. For example, Magnus, has sold more than 1,00,000 vehicles in the electric vehicles market. Now what we’re doing is in addition to Magnus, we are bringing in a refreshed zeal,” he said.
Basavanhalli further added, “We were playing in that sweet spot of Rs 85,000 to Rs 1 lakh. We will move little bit left with one or two value products more a little bit right with the incremental new generation products. It brings an incremental or newer customer base to us.
”The electric two-wheeler market in India has been growing and from around 2.5 lakh units annually. It would touch about 7 lakh units in the ongoing financial year”, he added.
“We are a 13-14 percent market share player,” Basavanhalli said, adding, as the market size expands, the endeavor of the company would be how to continue to keep its market share, grow further and expand it.
In order to enhance its position in the electric mobility space, Greaves Cotton group has worked on becoming a one-stop-shop, not just selling electric vehicles but providing a complete ecosystem, including financing, after-sales service, and development of powertrain, motors and controllers, he added.
When asked about investments, he said the company is halfway through its committed capital of about Rs 1,500 crore on various activities, including bringing new products, adding capacity and brand building besides the acquisition of Ampere Vehicles three years back.
In terms of the company’s production, he said, “We are ready to do a quarter million in one shift and half a million in two shifts. So I think in the near term, the capacity is more than sufficient.”
