Okinawa and Hero MotoCorp-backed Ather, and various other Electric two-wheeler manufacturers to scale up their production, to compete in the fiercely competitive market where Ola Electric has increased its market share.
In just one year, Okinawa, previously the market leader with 25% of the EV two-wheeler market through December 2021, has seen its share drop to roughly 11.5%. Okinawa is now getting ready for fresh launches to reclaim its previous top position.
The founder and managing director of Okinawa Autotech, Jeetender Sharma, stated that sales had been poor recently because the company intended to sell older model scooters and get rid of its inventory before introducing new goods this year and regaining its market share.
“We’ll be launching an electric bike around mid-FY24 and a scooter soon after, which will help us go past the current new-age players,” the Okinawa managing director said.
According to him, the business would also open its third plant around August, bringing its annual production capacity up to a million units from the present 0.39 million.
To appeal to the younger user population, who are less familiar with Okinawa’s products, Sharma said the business will also double the number of its experience centers—also known as Galaxy stores—to roughly 30.
Ather, a second maker of electric two-wheelers supported by Hero MotoCorp, has opened a second manufacturing facility, increasing its total annual production capacity from 0.12 million to 0.42 million.
It has already stated that a third plant is necessary and has started the process of putting one in.
The product pipelines of Ola Electric, the market leader at the moment with a share of roughly 30%, and Okinawa and Ather are comparable.
The current market share held by EV players is negligible, according to Tarun Mehta Ather, CEO, and co-founder of Ather, because EV adoption in the nation is still in its infancy.
While the current electric scooter market’s participants continue to widen their customer bases, the majority of them have also been developing electric bikes to provide a full line of products.
We at All India EV will make sure that you are updated with what is happening in the EV industry.
Join the All India EV Community