European motorcycle producer KTM Industries AG and Bajaj Auto Ltd have decided to initiate a serial production project for two-wheeler electric vehicles in the power range of 3 to 10 kW (48 volt) at the level of KTM.
This platform will support different product variants like scooters, mopeds and small mopeds under brands of both partners. This further step in the field of electro-mobility is a logical addition to the existing activities with Pexco in the Husqvarna e-bike sector.
The serial production will start at Bajaj's production site in Pune by 2022, according to a statement issued by the firm on Monday. The necessary development budget is covered in medium-term plans.
The possibility of transferring Bajaj's 48 per cent stake in KTM AG to KTM Industries AG is not being further pursued for the time being. The cooperation with the Bajaj-Group since 2007 will thus continue unchanged at the level of KTM AG.
Contrary to initial estimates at the beginning of the year, the retail market in Europe has developed very well. The European market as a whole grew by about 20 per cent in the first quarter.
KTM increased its market share to 12.3 per cent with a registration increase of 22 per cent. The registration numbers went up in Germany by 29 per cent, France 34 per cent and Spain 20 per cent.
In addition, to increase in sales across India by 30 per cent, the remaining markets are in line with expectations, said the statement issued by KTM Industries AG.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)