Evolet eyes Rs 1,000 cr revenue by March 2021, unveils 5 new e-vehicles

Evolet, the electric arm of Gurugram-based Rissala Electric Motors, is eyeing a revenue of Rs 1,000 crore by March 2021, a top company official said.

The company, which entered the domestic EV space in September with the launch of its first e-scooter, also plans to roll out electric three wheelers, both in passenger and cargo segment, and buses by June this year.

Earlier in the day, Evolet unveiled five new models of its e-vehicles, including sports bike Hawk, cruiser scooter Raptor, off-roader Warrior and a three-wheeler Dhanno at the Auto Expo here.

Hawk, Raptor, Warrior and Dhanno are expected to be launched by June this year.

"We are looking to sell 1 lakh e-scooters per annum as part of growth plans. Besides, we are also entering the commercial vehicle segment with our e-three wheelers for passenger and cargo transportation. With these plans, we are expecting to do a turnover of Rs 1,000 crore by the next fiscal end," Evolet MD and CEO Prerana Chaturvedi told PTI.

Declining to give any numbers for three-wheeler sales, she said much would depend on issues such as supply-chain and government support, among others.

She also urged the government to relax procurement norms for e-vehicles.

"Alongwith disruption in new technology, there is also a need for disruptive thinking in the government purchases," she said.

Evolet plans to increase production of its e-scooters and bikes, she said, adding that scooter production will go up to 3,000-4,000 units per month in April-June quarter from the current level of 2,000 units per month.

Evolet has three manufacturing facilities in Haryana, Hyderabad and Chennai, where it produces 13 products in various segments.

While Haryana facility, which produces only scooters, has a capacity of 1.20 lakh vehicles, Chennai and Hyderabad plants are used for production of commercial vehicles, which include buses.

Chaturvedi said the company is looking to invest Rs 400-500 crore more to fuel its expansion plan.

"If we have to reach 1 lakh scooter sales, we will have to have a turnover of Rs 1,000 crore as well. That calls for intensive working capital and that definitely then calls for investment to come in. We will need to push another Rs 400-500 crore investment to get to this aggressive growth plans," she said