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Delhi-based Okinawa Autotech Pvt Ltd has launched Ridge e-scooter priced at ₹43,702 (ex-showroom, Delhi) and has also plans to invest around ₹270 crore in the next three years.
Okinawa Autotech has entered the electric vehicles market when many companies are already reeling under pressure.
“We have invested around ₹34 crore till now in setting up a manufacturing facility in Rajasthan and we would invest around $40 million (₹270 crore) in the next three years to expand our business across India,” Jeetender Sharma, Managing Director, Okinawa Autotech, told reporters here.
The company has a plant in Bhiwadi with an annual capacity of 90,000 units in one shift, he said.
Sharma said the company has 24 dealers right now in States such as Delhi, Haryana, Uttar Pradesh and Madhya Pradesh, and will add around 450 dealers pan India in the next three years.
However, unlike many other companies, the company said it will focus only on high-speed (above 40 kmph) EVs and launch three such products every year. The company will soon launch another e-scooter in the next quarter and has plans to launch electric motorcycles too.
For such high-speed EVs, customers are required to have licence plates and insurance, which the company said it will arrange by tying up with various regional transport offices (RTOs) and banks (for insurance).
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