Udayavni Special

Okinawa Autotech plans to invest Rs 150 cr to set up new manufacturing unit in Rajasthan


PTI, Jan 24, 2021, 12:13 PM IST

New Delhi: Electric two-wheeler maker Okinawa Autotech plans to invest Rs 150 crore in setting up a new manufacturing unit in Rajasthan, and roll out fresh products as it sets a target of selling 1 lakh units in the next fiscal year, according to a top company official.

The company, which had recently launched B2B electric two-wheeler – Okinawa Dual, priced at Rs 58,998, targeting the delivery sector, expects sales from the segment to account for around 20 per cent of its total sales.

”We are coming up with a new facility and new products. The total investment in the next fiscal year will be around Rs 150 crore,” Okinawa Autotech Managing Director and Founder Jeetender Sharma said.

The new manufacturing unit will be near the company’s existing plant in Rajasthan.

”The new facility will have an annual capacity of 5-6 lakh units in the first phase and can go up to 10 lakh units in future,” Sharma added.

When asked about new products, he said the company is targeting both the B2B and B2C segment.

Last week, Okinawa Autotech launched its Okinawa Dual, powered by a 250 Watt electric motor with 48W 55Ah detachable lithium-ion battery with a range of 130 km on a single charge. It has a top speed of 25 kmph.

Sharma said the COVID-19 pandemic has accelerated the rise of e-commerce and last-mile deliveries. It has become imperative for businesses in the delivery segment to innovate, reduce operational costs, and increase efficiency consistently, and Okinawa Dual will address that need.

The company will launch its high-speed motorcycle codenamed OKI100 in the first half of this year, he added.

On the sales front, he said Okinawa Autotech would close in on cumulative sales of around 1 lakh units by the end of the ongoing fiscal since it started operations in 2017.

”In FY 21-22, whatever we have done so far, we will double the number with the coming in of two-three new models. It is a fair estimate that we will sell around 1 lakh units next fiscal,” Sharma said.

Of the total, he said the B2B segment would account for around 20 per cent.

Bullish on the electric two-wheeler segment’s growth, Sharma said with the transition to BS-VI emission norms, prices for conventional scooters and motorcycles have gone up, thereby reducing the gap with electric counterparts, and Okinawa Autotech has focussed on localisation to be cost-competitive.

”We have more than 92 per cent localisation till date. In the next quarter, we are going to be 100 per cent,” Sharma said, adding although the battery cells coming from outside the company have a dedicated supplier in India supplying it the battery packs.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Republican leaders, including Nikki Haley, call for US boycott of 2022 Winter Olympics

PM Modi to receive global energy and environment leadership award

Renukacharya pours out anger against some Ministers, says they were not accessible for development work

Udupi: Team of youth from Hejamadi build micro seaplane

TMC, others question 8-phase polls in Bengal; BJP welcomes EC decision

CM Yediyurappa launches ‘Namma Cargo’

NHAI daily toll collection through FASTag reaches record Rs 104 cr



Related Articles More

Hero MotoCorp adventure bike XPulse 200 crosses 10k sales mark in Kerala

Half of Volvo Cars to be Electric by 2025

Maruti drives in new Swift with price starting at Rs 5.73 lakh

Hyundai to enter 7-seater premium SUV space in India with Alcazar launch this yr

TVS Motor appoints Timothy Prentice as Vice President – Design

MUST WATCH

Problem! in Cowin App

Listen to the story by Dr. Gururaj Karjagi on the concept of ‘Joy of Giving’- Part-3

This full-time construction worker makes caps from areca leaves in his spare time

Tea – Coffee | Reasons Not to Drink Too Much

HDK government has become Joker government: Yogeshwar

Latest Additions

Republican leaders, including Nikki Haley, call for US boycott of 2022 Winter Olympics

PM Modi to receive global energy and environment leadership award

Renukacharya pours out anger against some Ministers, says they were not accessible for development work

IRCTC’s AI-based initiative ”ASK DISHA” to help govt orgs in answering customer queries

Udupi: Team of youth from Hejamadi build micro seaplane

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.