Electric two-wheeler maker Kinetic Green is looking to invest Rs 100 crore for developing the e-Luna, which is set for a formal launch next month, the company's Founder and CEO Sulajja Firodia Motwani said.
The booking of e-Luna will start on January 26 and the vehicles will be available next month, paving the way for the return of the Luna brand -- this time in an electric avatar -- over five decades after its first launch, the company said in a statement on Wednesday.
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The e-Luna will address the needs of passengers and last-mile delivery segments, and has the potential of a multi-utility vehicle, she said.
The e-Luna comes to the market five decades after the launch of the Luna moped.
She said the prospects of Electric Vehicles (EVs), particularly e-two-wheelers, in India are "very bright" in the near future.
"I think in all, over the next 24 months, we intend to invest Rs 100 crore on the brand," she told PTI.
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The e-Luna is not just for India, but for Bharat, she said, adding that even tier-II, III cities, along with smaller locations, are going for EVs.
"And e-Luna is very well designed to cater to a very large section of the population," Motwani said, adding that the timing of the launch is "absolutely right" from all perspectives -- be it the brand, the product, the economics, or the pricing.
She said the company has seen "good traction" on both passenger and last-mile segments of the e-moped.
"We have deployed about 1,500 vehicles for last-mile delivery in a pilot stage and we think we will get very good response from this segment as well. We are also going to sign an MoU for a very large quantity very soon," she stated.
The company is expecting a demand of 50,000-70,000 e-Luna units for the passenger B2C network and another 20,000-30,000 units for the last-mile delivery segment, Motwani said.
Kinetic Green has 300 dealerships across the country for two-wheelers, and the plan is to eventually take the number to 1,500 over the next three years, Motwani said.
Kinetic Green has also commissioned a new production line with a capacity to assemble five lakh e-Luna units annually, she added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)