Okaya Electric Vehicles is set to unveil its latest e-scooter this month, targeted at the Gen-Z audience, with an ex-showroom price of approximately ₹1.5 lakh. The introduction of the new electric vehicle is geared towards capturing a substantial market share across the top six to seven metropolitan cities in the ongoing financial year, according to a top executive of the company.
At present, its range of product portfolio offers three types of EVs starting from a price point of ₹74,499 and going up to ₹1,32,990.
In addition to enhancing the look and feel of the vehicle, the new product comes with an optimised battery. Anshul Gupta, Managing Director said to businessline, “We realised that on average the EVs are being used for around 52 kilometres per day, and hence we optimise the battery by bringing it down to 3.5-kilowatt hours from our top model of 4.4. kilowatt-hours. Along with this, we have introduced the brake system on the front and rear.” It plans to launch the new EV on August 15.
The company claims to have made significant expenditures in order to provide higher-quality products. Over the last three years, it has invested over ₹500 crore in setting up infrastructure and R&D activities, the MD noted.
Furthermore, it currently runs two dedicated manufacturing plants for EV units with an annual capacity of four lakh units. Additionally, it plans to expand its manufacturing footprints and expects to set up units in Rajasthan and Haryana, which should be operational by 2026.
“Haryana and Rajasthan are automotive hubs, and the future is in these areas. We have acquired land and will start production once our existing capacities hit 60–65 per cent.”
In the preceding year, the EV manufacturer claims to have achieved annual revenues of ₹365 crore. Going forward, it aims to clock an annual turnover of ₹1000 crore by the end of this financial year, propelled by the upcoming festive season, higher sales, and exports.
Okaya started exporting only recently—about four months ago and said that it has received good responses across all four markets, including Peru in South America.
“We now plan to expand to 20 countries by the end of FY24. For our international expansion, we prefer to opt for the dealer-owned, dealer-operated model. We find a principal importer who can import and provide services, aftermarket support, and more.”
Furthermore, the ongoing year will also witness the introduction of additional product offerings, to enhance its market penetration and augment its EV’s market share, he added. Its EVs are present in 380 cities and offered through 471 exclusive dealers.