Auto components manufacturer Autoline Industries and electric vehicle manufacturer Kinetic Green Energy and Power Solutions have signed an agreement for joint development and nationwide marketing of electric bicycles (e-cycles).
Under the pact, Autoline will undertake the development and manufacturing of e-cycle critical assemblies. In association with Kinetic, it has successfully developed the first two models with R & D effort over the last 18 months.
"We feel that e-cycles have the potential to make a massive impact on the micro-mobility market as well as to help improve fitness levels of our health-conscious millennials," said Shivaji Akhade, Promoter and Managing Director of Autoline Industries.
At the same time, Kinetic's vision is to bring green mobility to millions and bring a wide range of innovative yet affordable EVs to the Indian mass market, said Group Chairman Arun Firodia.
"Both the partners plan to promote the e-cycle range aggressively to promote green mobility to masses across India and in the international markets," he said.
The e-cycles will be built at Pune plant. They offer a top speed of 25 km per hour and can run 25 to 35 km on a single charge. Vehicles are equipped with advanced fast-charging lithium-ion batteries and a full charge takes three to four hours.
The battery is detachable and weighs 2.45 kg, enabling it to be carried into the home for charging on a simple domestic socket, just like a mobile phone.
Autoline has reserved manufacturing capacity to assemble 9,000 to 10,500 e-cycles per year which can be expanded to one lakh e-cycles per year with minimal capex.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)