Kinetic Green Introduces Zulu Electric Scooter at price of Rs. 94,990
Kinetic Green just unveiled the Zulu electric scooter, making it more accessible by offering a subscription model. This reduces the cost from Rs 94,990 to Rs 69,000. The move comes as the government’s support for electric vehicles might phase out soon, creating uncertainty about subsidies.
Adapting to Changing Government Support
Sulajja Firodia Motwani, Founder and CEO of Kinetic Green, mentioned that they’re getting ready for when the government might reduce or stop subsidies. This could make electric two-wheelers 25% more expensive than traditional ones.
Innovative Subscription Model
Motwani called their subscription model a “financial innovation.” Unlike other models that need fleets to visit specific places, Kinetic’s model includes the battery with the scooter. Consumers pay as they use the scooter, with subscription prices ranging from Rs 600-800 per month.
The Zulu Electric Scooter Features
The Zulu comes with a 2.2kw NMC battery, offering a range of 104 km and a top speed of 60 kmph.
Expansion Plans
Kinetic aims to sell 40,000 Zulus through its existing 300 dealerships and is evaluating the production of an electric version of Luna in 2024. Additionally, they plan to expand with 300 new dealerships yearly and aim for 1200 dealerships by 2025. They also intend to increase three-wheeler retail points from 200 to 400.
Targeting Tier 2 and Tier 3 Markets
Motwani said that expansion in Tier 1 versus the Tier 2 and 3 cities, will be skewed towards the latter, which will account for 60% growth.
“Rather than metros like Pune, Bangalore, or Mumbai where savings of Rs 3,000-4000 don’t matter much it is a big number for the Tier 2 and Tier 3 markets which will continue to drive our growth”
-said Sullaja Motwani, the founder and CEO of Kinetic.
Growth and Manufacturing Plans
Seeing the rising demand, Kinetic plans to open a new manufacturing facility in Supa, near Ahmednagar, with an investment of Rs 500 crore and a capacity of 1 million units. Additionally, their joint venture with Tonino Lamborghini aims to tap into the electric golf cart market.
Tonino Lamborghini Joint Venture
Kinetic’s collaboration with Tonino Lamborghini resulted in the Iso Divo Golf Carts, scheduled for commercial entry in early 2025, with a vision for global exports. Kinetic owns 75%, while the Lamborghini family holds 25% in this venture.