Kinetic Green to invest Rs100 cr in EV project
Kinetic Green Energy & Power Solutions, which has partnered with Chinese EV major Aima Technology Group to co-design and develop electric two-wheelers for the Indian market
Mumbai: Kinetic Green Energy & Power Solutions, which has partnered with Chinese EV major Aima Technology Group to co-design and develop electric two-wheelers for the Indian market, plans to invest around Rs 80-100 crore on the project, which entails three new models this year itself, its founder-CEO Sulajja Firodia Motwani has said. Pune-based Kinetic Green entered the rapidly-growing domestic electric two-wheeler space last year, after establishing its presence in the e-three-wheeler segment, with two scooter models -- Zing and Zoom. The Kinetic group had earlier in the mid-1980s partnered with Japanese auto major Honda Motor to manufacture scooters.
"We have aggressive Rs 500 crore investment plans for our electric vehicles business, which includes capacity creation, product development and market penetration, among others, over the next five years. For this particular project (collaboration with Aima), we are looking at investing about Rs 80-100 crore," Motwani told PTI. This investment will be made into specific products development and capacity creation, she said. The Shanghai-listed Aima has a global presence across 87 countries. With global sales of more than 50 million e-two-wheeler units, the company has over 1,000 models in its product portfolio, comprising electric two-, three- and four-wheelers. Aima also leads the industry in technology development and R&D, with key focus on design, 3D digital modelling, IoT and swapping solutions. Noting that joining hands with Aima, which is a leader in the global EV space, is a big milestone for the Kinetic Group in its EV business, she said the idea is to co-develop electric two-wheelers for the Indian market and tap this large opportunity which is at an inflection point.