HOP Electric plans to introduce mass-market electric motorcycles in FY25 and anticipates a threefold increase in sales by 2024

 HOP Electric plans to introduce mass-market electric motorcycles in FY25 and anticipates a threefold increase in sales by 2024

HOP Electric plans to introduce mass-market electric motorcycles in FY25 and anticipates a threefold increase in sales by 2024

Rahil Gupta, the company's founder and chief technology officer, said that HOP Electric wants to treble its yearly sales by 2024 and expand its production by creating an electric motorcycle that resembles an entry-level bike for the mass market with conventional engines. is organizing.

Rahil Gupta, the company's founder and chief technology officer, said that HOP Electric intends to triple its yearly sales growth objective by 2024 and introduce an electric motorbike that is comparable to entry-level motorcycles for the mainstream market with conventional engines in order to boost volume sales. getting ready for.

The business, which now manufactures one electric bike and two electric scooters, also plans to seek around US$25 million in funding the next year in order to increase manufacturing capacity.

Over the last three years, we have had annual growth of 100%. Regarding the prognosis for 2024, Gupta said, "I believe it will be no different." In terms of total sales, he said, "I think this year we will sell around 20,000 electric scooters as well as motorcycles as well as next year we will try to take it to around 50,000 to 60,000 units." In response to a question about next product plans, he said that the business is developing electric bikes that are comparable to motorbikes with 100 cc conventional engines using its new platform, "Nimbus." This is one of the biggest markets for two-wheelers in India. As.

Although penetration could be greater in smaller towns and tier II and III cities, he noted, "we thought the market here is huge." Hero Splendor as well as Bajaj Platina are its rivals. Additionally, this solution may be developed for B2B applications for hyperlocal logistics clients as well as B2C applications for retail clients. Additionally, the same platform may be tailored to accommodate other requirements, such as e-commerce, food delivery, and bike taxis. We're going to introduce it in the next fiscal year, Gupta said.

Regarding HOP Electric's plans to obtain money, he said, "This year, we have not raised any investment. We want to raise around $25 million in the next year in order to build a new facility and increase capacity. According to Gupta, in 2022 the firm obtained capital from Genus Power Infra, a publicly traded corporation. The firm is currently establishing a facility in Neemrana, Rajasthan, although for now it is producing at its Jaipur factory.

"We have been granted PLI by the Government of India.He said that the business expects to begin production here. "The EV park in Neemrana will meet the demand as well as create end-to-end capabilities to power our vehicles," he added. New site approximately in 2025.