Greater Noida, Feb 6 (PTI) Evolet, the electric arm of Gurugram-based Rissala Electric Motors, is eyeing a revenue of Rs 1,000 crore by March 2021, a top company official said.
The company, which entered the domestic EV space in September with the launch of its first e-scooter, also plans to roll out electric three wheelers, both in passenger and cargo segment, and buses by June this year.
Earlier in the day, Evolet unveiled five new models of its e-vehicles, including sports bike Hawk, cruiser scooter Raptor, off-roader Warrior and a three-wheeler Dhanno at the Auto Expo here.
Hawk, Raptor, Warrior and Dhanno are expected to be launched by June this year.
"We are looking to sell 1 lakh e-scooters per annum as part of growth plans. Besides, we are also entering the commercial vehicle segment with our e-three wheelers for passenger and cargo transportation. With these plans, we are expecting to do a turnover of Rs 1,000 crore by the next fiscal end," Evolet MD and CEO Prerana Chaturvedi told PTI.
Declining to give any numbers for three-wheeler sales, she said much would depend on issues such as supply-chain and government support, among others.
She also urged the government to relax procurement norms for e-vehicles.
"Alongwith disruption in new technology, there is also a need for disruptive thinking in the government purchases," she said.
Evolet plans to increase production of its e-scooters and bikes, she said, adding that scooter production will go up to 3,000-4,000 units per month in April-June quarter from the current level of 2,000 units per month.
Evolet has three manufacturing facilities in Haryana, Hyderabad and Chennai, where it produces 13 products in various segments.
While Haryana facility, which produces only scooters, has a capacity of 1.20 lakh vehicles, Chennai and Hyderabad plants are used for production of commercial vehicles, which include buses.
Chaturvedi said the company is looking to invest Rs 400-500 crore more to fuel its expansion plan.
"If we have to reach 1 lakh scooter sales, we will have to have a turnover of Rs 1,000 crore as well. That calls for intensive working capital and that definitely then calls for investment to come in. We will need to push another Rs 400-500 crore investment to get to this aggressive growth plans," she said
"And the need for investment could start from the next quarter itself," she added.
The instrument for funding, however, is yet to be decided, Chaturvedi said.
Evolet is also working to increase its footprint across India through distributorship and dealership network.
It has 17 active dealerships, but the company plans to have 70-80 dealerships over a period of time, she said.
The aim is to have 200 dealerships pan-India within first year of launch, targeting sales of 2,000 units per-dealer-per-annum along with institutional sales and corporate sales to widen the domestic base, she said.
The company has also identified key export markets within Asia Pacific and the Middle East and plans to start exporting products by the end of 2020, she added. PTI IAS RVK
Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI