Exide Industries Ltd, the country's largest stored energy solutions provider, announced its entry into India's burgeoning e-rickshaw market by launching its first model on Wednesday.
Through its tailor made, dedicated batteries for the e-rickshaw market, Exide claims to be one of the first branded battery makers to launch a product exclusively for this sector.
“Exide Neo is expected to offer superior technology, longer runs and a comfortable ride, packed into the modern look and feel of an international product. It will be gradually introduced across the country in a phased manner,” the company said in its filing with the stock exchanges.
The state-of-the-art e-vehicle is being launched in select markets in India and will be available through its exclusive network of dealers, said Exide Managing Director and Chief Executive Officer Gautam Chatterjee.
The model Exide Neo will be sold in markets such as Uttar Pradesh, West Bengal, the North East and the National Capital region, he said.
The company has come up with an assembly line that has an annual capacity of 15,000 units in Hooghly district's Dankuni.
The company has fixed a sales target of 10,000 units and expects the new vertical to add nearly Rs 120 crore to its top line in fiscal 2020-2021.
"We see a tremendous opportunity to now offer a complete, technologically advanced package to the e-rickshaw operator that will be reliable with the least downtime," he said.
"Having worked with e-rickshaw operators for a long time, we used the experience and knowledge to design the most suitable vehicle for the Indian conditions that would offer an enhanced and completely packaged solution to customers," said company's Director, Automotive, Arun Mittal.
With IANS inputs