Ultra Motor has planned to invest Rs 150 crore in India over the next three years to expand operations and launch new products, including five new e-scooters.
NEW DELHI: UK-based two-wheeler maker Ultra Motor has planned to invest Rs 150 crore in India over the next three years to expand operations and launch new products, including five new e-scooters this fiscal and an electronic bike in two years.
The company has also cut the price of its electric scooters by 24 per cent in Delhi following tax benefits offered by the state government for environment friendly electronic vehicles.
"With rising pollution levels and high fuel costs, the importance for e-bikes will grow rapidly. To avail the benefits of the untapped Indian market, we will be investing Rs 150 crore in the next three years to expand out operations in India," Ultra Motor Chairman Joe Santana said.
The investment would be mainly for meeting the company's marketing needs, besides product development and eventually setting up its own manufacturing unit, he added.
Santana said the company would launch five new e-scooters in this financial year -- three in low speed and two in high speed categories.
"We are also planning to introduce a high performance e-motorcycle in the next two years, which will be a disruptive product for the Indian market," Santana said, adding the bike would be comparable with a 100 cc motorcycle and is currently being developed at Ultra Motor's R&D centre in the UK.
The company, which presently offers two products in the Indian market through its 100 per cent subsidiary, is targeting 20 million dollar turnover within this fiscal.
"With the reduction of prices by over Rs 9,400, we are expecting the sales from Delhi to increase by about 50 per cent. The National Capital currently contributes about 7-8 per cent of our total sales," Ultra Motor India Director (Marketing) Deba Ghoshal said.
The company is also expanding its dealership network to 500 from the current 150 dealers, in the next three years. This would comprise 750 sales and service points across the country.
Ultra Motor India has a contract manufacturing facility at Hyderabad with a production capacity of 6,000 units a month in two shifts. It sells 'Marathon' and 'Velociti', in low and high speed categories respectively, to the Indian consumers.
It has 40 engineers at the R&D centre in the country, which the company plans to double in two years time.
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