Srivaru Motors Rolls Out Upgraded PRANA 2.0 Electric Motorcycle, Targets ASEAN Expansion

Updated: Friday, August 23, 2024, 20:53 [IST]

Srivaru Motors, supported by NASDAQ-listed SRIVARU Holding Ltd in the US, launched its first product, the electric motorcycle PRANA, in 2021 with a $15 million investment. The company has now introduced an upgraded version, PRANA 2.0, priced at INR 2,55,150 (Ex-showroom Chennai), which can travel up to 150 km on a single charge.

The Coimbatore-based company aims to sell around 10,000 units and plans to export to ASEAN countries. "We are launching today after conducting a series of tests of our products for two years. Now the PRANA 2.0 electric motorcycle has over 100 new components to its predecessor. We are producing the product at our manufacturing facility in Sulur (near Coimbatore) which can produce about 2,000 units a month," said Founder and CEO Mohanraj Ramasamy.

Focus on Domestic Market and ASEAN Expansion

Ramasamy mentioned that Srivaru Motors will initially focus on the domestic market before expanding to ASEAN countries like Malaysia and Singapore. "We are expecting to sell about 10,000 units.. After focusing on the domestic market, we will also sell our products in ASEAN countries to start with Malaysia and Singapore where we have a footprint and infrastructure," he stated.

The company also launched another model, PRANA Elite, priced at INR 3,20,250 (Ex-showroom Chennai), capable of traveling up to 250 km on a single charge. This launch signifies Srivaru Motors' commitment to enhancing its product lineup and meeting diverse customer needs.

Retail Network Expansion Plans

Regarding retail expansion, Ramasamy said the company plans to establish "less than 100" branches comprising both company-owned outlets and franchise models. "It may happen in one or two years. Initially, we are focusing in the metros," he added.

Tamil Nadu is a significant market for electric vehicles in India, accounting for over 40% of the country's demand. This strategic focus aligns with Srivaru Motors' growth plans within the region.

Future Market Projections

In 2023, India's motorcycle market generated revenues exceeding USD 25.6 billion. Projections indicate growth to USD 36.1 billion by 2027. By 2030, electric motorcycles are expected to hold approximately 50% of the market share, up from the current 3% share of electric two-wheelers in India.

Srivaru Motors also plans to introduce electric scooters under the brand "ALIVE" in the coming months. This move aims to diversify their product offerings and cater to a broader customer base.

The company's manufacturing facility in Sulur near Coimbatore can produce about 2,000 units monthly. This capacity supports their ambitious sales targets and planned expansions into new markets.

The launch of PRANA Elite alongside PRANA 2.0 highlights Srivaru Motors' dedication to innovation and meeting evolving consumer demands within the electric vehicle sector.