Ultraviolette predicts 20% India electric motorcycle market within 3 years
Ultraviolette Automotive, backed by TVS Motor and Qualcomm Ventures, believes electric motorcycles could jump from just 1% to 20% of India's motorcycle market in the next two to three years.
Co-founder and CEO Narayan Subramaniam credits this optimism to fuel prices and supportive government rules.
Ultraviolette to build ₹779cr Hosur plant
To meet expected demand, Ultraviolette is putting ₹779 crore into a new plant near Hosur that will start with a capacity for 250,000 bikes per year, expandable up to 500,000.
They plan to boost monthly production from about 600-700 units now to around 1,000 units a month over the next few months, as demand for the new products could rise to at least 10,000 units a month.
Four new models are on the way, priced below ₹2 lakh, aiming for six options within two years.
The company already sells in Europe and is eyeing North America and Latin America next through distributors.