The electric vehicle market has been witnessing a slowdown in recent times. At the center of this is the reduction in EV subsidy and the decline in sales of electric cars. But Kinetic Green, the company that makes E-Luna, has announced its entry into the B2C (business-to-consumer) electric three-wheeler segment. The company on Wednesday introduced a new range of electric three-wheelers based on a completely new platform.
Lithium ion batteries have been used in these commercial three-wheeler electric vehicles for better performance. With this, these EVs will be able to travel long distances without worry like ICE (petrol and diesel) vehicles with fast charging. The company's product is expected to be introduced in the last quarter of FY 2025.
Kinetic Green founder and CEO Sulajja Firodia Motwani said in a conversation, "After achieving success through e Luna and e-rickshaw, our aim is to become a green mobility provider for the general public. And we will bring change in the field of two-wheelers and three-wheelers. Along with this, almost 100 percent of the demand of the ever-growing Indian electric three-wheeler market can be met."
Fast charging solution
Along with the new three-wheeler range, Kinetic Green also unveiled its extra fast charging solution. It fully charges the battery of the vehicle in less than 15 minutes. With which the vehicle can cover a distance of more than 100 kilometers. The company currently has 100 charging stations. The company aims to increase their number to 250 by this financial year. After which the company wants to increase the scope of these EV chargers to 1000 locations.
Family electric scooter will come soon
Along with this, the electric vehicle manufacturer is also working on a family electric scooter. Which is expected to come in the market in the next 18 months. However, Firodia has said that Kinetic Green has no intention of entering the fast-growing electric motorcycle segment in the Indian market.
She considers the electric avatar of its iconic Luna, E-Luna, very important for the company. Motwani said that this electric scooter will have an urban look. He also said that this upcoming family electric scooter will be positioned with the company's E-Luna.
Firodia believes that the EV revolution will come in India not from electric cars, but from electric two-wheelers and three-wheelers.
According to Firodia, the two-wheeler and three-wheeler electric vehicle segments are the most important in the Indian EV scenario. This will play the biggest role in ensuring last-mile connectivity. He said, "We want to make e-mobility accessible and affordable. This is a big opportunity for us. And we plan to increase our revenue to Rs 10,000 crore by 2030." 60 percent of this revenue is expected to come from the company's two-wheeler business.
He said, "By that time we will make more than 10 lakh electric vehicles, including one lakh three-wheelers and 10 lakh two-wheelers. Which will contribute Rs 3,500 crore and Rs 6,000 crore to the revenue respectively. The remaining Rs 500 crore will come from the golf cart JV."
Earlier in August this year, the company raised $25 million from Greater Pacific Capital in a Series A round and is going to raise another $15 million. The company had set up a new manufacturing plant in Supa, Maharashtra to increase production. It plans to raise another $15 million to invest in research and development and market expansion.
Firodia Motwani said, "We are announcing our next phase with 3.0. It is time to aggressively scale and expand our presence. There is a lot more to come."
Kinetic Green expects its market share to reach 10 per cent in the next 4-5 years. As the company will export to markets in South Asia, Africa and Latin America in the coming years.
The company claims that with these new products, it now has the largest product portfolio in this segment with L3 and L5. This will increase the market from 10 per cent to 100 per cent. These products will be available in the range of Rs 1.2 lakh to Rs 4.5 lakh.
Firodia Motwani expects the penetration of electric three-wheelers in the country to increase to 75 per cent by the end of this decade. He says that the market for electric three-wheelers will grow to Rs 40,000 crore by the end of the decade.
Kinetic Green has sold more than 1 lakh electric vehicles in India so far with a revenue of over Rs 1200 crore.
By the end of this decade, the company expects to sell around 1.5 lakh three-wheelers with a turnover of Rs 3,400 crore.
.jpeg)
.jpg)
.jpeg)
