Jaidka Group-backed Stella Moto is set to mark its entry into the electric two-wheeler market in India. The company revealed plans to launch its first-ever vehicle in this space– the Buzz electric scooter– next month. In an official statement, Stella Moto said that its goal is to design completely indigenous, affordable and well-engineered electric two-wheelers. India has a growing EV market, with sales expected to hit 17 million units by 2030.
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Gopal Jaidka, Director of Jaidka Group, said that his company had spent the past couple of years creating a strong research and development (R&D) and technology infrastructure to make EVs. “We are now prepared to introduce these vehicles with the best range, among others. We’ve been watching the EV space evolve over the last few years and have identified some gaps, which we intend to fill with our new product offerings,” he was quoted as saying by TOI.
Stella’s plans for rolling out high-speed e-scooters and bikes will be revealed in the upcoming months. The company will be localising its production entirely by 2024.
Stella plans to open its retail outlets in major cities and has already appointed 55 authorised dealers. It targets to appoint another 200 in the coming year. Stella is eyeing to finish the financial year, FY23, with sales of over 10,000 vehicles.
Stella’s parent company, the Bengaluru-based Jaidka Group, already has a significant presence in the transport, automobile, and logistics segments. Its two manufacturing units at Hosur, Tamil Nadu and Howrah, West Bengal, can together produce 20,000 vehicles per annum. The company is looking to take its production capacity up to 1,00,000 units per year. The Group has already entered the passenger and cargo electric three-wheeler (L3 category) segments.
The high-speed electric two-wheeler market is currently dominated by the likes of Ola Electric, Okinawa Autotech, and Hero Electric. Ola is gearing up to unveil its first electric car.
Keywords: Electric Vehicles; Jaidka Group; Stella Moto; Electric Scooter
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