How was 2023 for Motovolt Mobility?
All India EV: How was 2023 for your business? What milestones did your business achieve this year?
Motovolt Mobility: The year 2023 has been fairly good and exciting for the company. Not only have we generated growth over the previous year with encouraging sales numbers from newer markets and robust sales trends in the existing markets, but we have also entered into new alliances with multiple International partners.
We have added to the production capacity in our factory to cater to the demand of the existing product range and build capacity for the upcoming Electric scooter and another basket of innovative products slated for launch in mid-FY25. We have added to our manpower strength as well all across the country in different functions. Not only this, we have started working closely with EESL, a GOI department, to promote electric mobility. From a channel perspective, we have seen very strong demand from the ecommerce channel. We have also added several B2B Fleet operators to our customer list. We hope to continue with the strong momentum next year.
All India EV: How do you see the next 3-4 years of your business? Are you planning to venture into new segments in the industry?
Motovolt Mobility: The next few years will be quite promising for the EV industry. GOI has already mandated to convert 70% of the 2W fleet into electric. We are now fully geared up for the launch of our high-speed electric scooter in Jan 2024. With an unmatchable range and features, we believe it will change the way, India moves. To add to that, we have entered into ownership stake and JV partnerships with some of the world’s most advanced electric mobility companies. Our vision is to bring those technologically advanced products to the Indian market, manufacture those products in India and export them globally. In short, we are following the paradigm of “Make local, Go Global”.
We are in the advanced stage of starting a “Battery as a service” business with a unique battery-swapping tech platform that India has not seen before. Our hands are going to be full for the next 3-4 years.
All India EV: Would you like to highlight some areas where the government can improve that can help the Indian EV market?
Motovolt Mobility: We are working very closely with CESL, a part of EESL, a body under the Ministry of Power, GOI to promote electric mobility in India. We are collaborating with them in organizing and participating in various roadshows and exhibitions to promote the electric cycle as a safe and primary choice for the people of India.
However, the current market size of the electric cycle is very small in India unlike in the Western markets. That is the reason we have been lobbying with GOI to include e-cycles under the FAME subsidy. We have also requested them to work out a modality with the banks to offer easy finance to the customers that will make the product much more affordable.
All India EV: Highlight the individuals/teams of your organization that you felt gave more than 100% this year to the organization including any extraordinary act performed by any of your employees, to highlight their efforts, along with the name, photo, and department of that team/employee.
It is difficult to mention any individual team as all departments have together to become one force that has given birth to such reliable and sustainable products so far. However special thanks to our electric scooter design, R&D, and operations team who have worked tirelessly to make our dream of making e-scooters come true.