Okinawa Autotech Pvt.Ltd, an electric two-wheeler manufacturer is investing Rs.200 Crore to set up a second manufacturing plant in Rajasthan.
Okinawa Autotech to set up Rs.200 Cr plant
The Gurugram-based company which promises to bring the pioneering technology and the cutting edge designs for the endearing Indian consumers.
The company’s manufacturing facility is located in Bhiwadi, Rajasthan. This plant holds the capacity of manufacturing one million units.
The commissioned of the plant will be the beginning of 2020-21. The funding for this plant will be done through the mix of debt and internal accruals.
Okinawa Autotech, founder says
Jeetender Sharma, founder, Okinawa Autotech said, “We expect the market for electric two-wheelers and three-wheelers to grow to 7-8 million units by 2022. We want to gain leadership position in the electric two-wheeler segment and will be ready with the required products, technology and capacity for the same.”
The company reported the revenue of ₹200 crore for 2018-19.
FAME II & ARAI
Recently, Okinawa has received the approval for the government subsidy under FAME II
(Faster Adoption and Manufacture of Hybrid and Electric Vehicles) and the Automotive Research Association of India (ARAI).
Electric scooters Okinawa I-Praise and Okinawa Ridge+
The two electric scooters which come under the subsidy are Okinawa I-Praise and Okinawa Ridge+.
As per the FAME II norms that EV must have 50% of local content, both the e-scooters have 80% of local content says the founder, Sharma.
Company working past two and a half years to localize products
The company was working to localize its products since two and a half years and therefore could get the approval for the subsidy.
“Our customers will be able to avail of subsidies of ₹17,000-26,000 on the I-Praise and Ridge+ under FAME-II. We have been working on localizing our products for over two years now and sourcing components from around 50 vendors in the National Capital Region (NCR),” said Sharma.
I-Praise and Ridge+ price
The cost of the i-praise is priced at ₹1.14-1.16 lakh and the Ridge+ at ₹79,290 (ex-showroom price). Sharma says though the prices are higher the running costs are cheaper for these e-scooters such as 10-20 paise per km when you compare them with petrol engine two-wheelers which cost ₹1.75-1.80 per km
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