Greaves Electric Mobility, the e-mobility arm of Greaves Cotton and one of the market leaders in the E-2W and E-3W segments, inaugurated its largest EV production facility in Ranipet, Tamil Nadu. Tamil Nadu chief minister M K Stalin inaugurated this EV production facility.
Greaves Electric Mobility is planning to invest Rs. 700 crore in the EV sector over 10 years. With e-scooters, e-rickshaws, and e-autos, the company currently operates in 85 percent of the e-mobility sector. The Ranipet Plant will have the capacity to produce 120,000 units by end of this fiscal year and gradually ramp up to 1 million units. The facility will be operational with 70 per cent of women in the workforce.
The 35-acre plant located in the Industrial Centre of Tamil Nadu will serve as an electric mobility hub for both domestic and export markets. The company is looking at export markets once the units come into full production as they are getting demand from SAARC countries and Africa.
Greaves Electric Mobility had acquired electric two-wheeler maker Ampere Vehicle in 2019 and electric three-wheeler company Bestway in 2020. In 2021, it bought a considerable stake in electric three-wheeler maker MLR Auto as well. The company currently holds the fastest growing market share in the upcoming electric mobility segment.
Greaves Electric Mobility has sturdy retail and after-sales network with 7,000-plus touchpoints, 12,000 associate mechanics, and a dedicated on-call support team to facilitate the consumers to make this transition easily. They are betting on the new mega-site to help meet the rising demand and last-mile mobility needs of the customers. The company is in talks with financial investors including private equity players to fund their EV initiatives.
Greaves Electric's earnest goal of #MovingBillionsWithGreaves is promoting EV adoption in the country. By providing to both B2C and B2B domains, the business is encouraging the entire ecosystem with recurrent last-mile mobility of people, commodities, and services. The new manufacturing plant is also following flagship initiatives of the government such as Make in India and Atmanirbhar Bharat to support indigenous abilities in manufacturing.