Aims to increase production capacity to nearly 10,000 units per month by the end of 2024. Plans to set up a pan-India sales network across key areas of India.
SRIVARU HOLDING LIMITED (NASDAQ:SVMH)
CAYMAN ISLANDS AND COIMBATORE, INDIA, August 24, 2024 /EINPresswire.com/: SRIVARU Holding Limited (Nasdaq: SVMH; SVMHW) (“SRIVARU” or the “Company”), a manufacturer of premium electric motorcycles, today announced the formal launch of the PRANA 2.0 electric motorcycle at a major event in Chennai, India.
Recently, there has been a remarkable surge in the interest of young individuals towards acquiring electric motorcycles in India. SRIVARU has relentlessly assessed the Indian market and attentively engaged with the youth of India to introduce an exceptional and unparalleled electric motorcycle, PRANA 2.0.
The event was attended by Mr. Mohanraj Ramasamy, Founder and Chief Executive Officer of SRIVARU, Mr. Weng Kiat (Adron) Leow, Chief Financial Officer, Mr. Felix Friedrich Heinimann, Chief Marketing Officer, Mr. Chin Ghee (Theirry) Tan, Financial Controller, and Mr. Yuvaraj Sankar, Director of Engineering, along with staff and distributors from multiple cities.
Mr. Ramasamy said, “I am thrilled to announce the launch of our latest PRANA 2.0 electric bike in Chennai, the automotive hub of India. Tamil Nadu accounts for more than 40% of the country’s electric vehicle demand, positioning us in a large and rapidly expanding market. In 2023, India’s motorcycle market achieved revenues exceeding USD $25.6 billion, with projections indicating growth to USD $36.1 billion by 2027. By 2030, it is anticipated that electric motorcycles will account for approximately 50% of the market share, a significant increase from the current 3% share of electric motorcycles in India.
This signifies a tremendous opportunity for growth. The Indian government has outlined its ambition to transform the nation into a developed country by the year 2047. Given India’s lack of natural oil resources and the ongoing public concern regarding environmental pollution, the government acknowledges that alternative energy sources are crucial for ensuring sustainable economic growth. Consequently, there is a significant emphasis on the transition to electric vehicles (EVs). The EV sector is expected to be instrumental in India’s shift towards a low-carbon economy.”
Mr. Ramasamy added, “Our inaugural facility commenced operations in Coimbatore in 2017. The latest iteration of our electric motorcycle, PRANA 2.0, has undergone nearly two years of testing and now features over 100 new components compared to its predecessor. We are introducing a product to the market that stands out for its advanced technology and innovative features. Most importantly, we have a go-to-market ready product available. Our manufacturing facility in Coimbatore currently produces more than 2,000 units each month on a single production line during one shift. With our advanced automated assembly and testing lines, we can swiftly scale up production to meet increasing market demand.”
Mr. Yuvaraj Sankar, SRIVARU’s Director of Engineering, commented, “The PRANA 2.0 is an engineering marvel in terms of its powertrain (battery, motor, and controller), safety, unparalleled performance (top speed of 123 kmph), and user experience with smoother suspension and a colorful display. It features a high-performance battery, four driving modes, including reverse for parking assist, as well as an ergonomic seating design—combining to create an effortless ride. The integrated mobile app offers real-time tracking and diagnostics. PRANA 2.0 sets a new standard in electric mobility, combining toughness on the road with smoothness for users.”
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