Market News
Recent Developments
New product launches
- In November 2023, Lohia Auto Industries Ltd, a leading producer of electric two-wheelers and three-wheelers, is strategically gearing up to introduce high-speed scooters and fresh models of passenger-carrying three-wheelers. With ambitions to broaden its dealership network, the company foresees a surge in sales, aiming to capitalize on economies of scale and subsequently lower its overall expenses.
- In January 2022, Omega Seiki Mobility is an end-to-end mobility solutions provider, launched electric cargo 3-wheelers Stream and Rage+. The vehicles have a range of up to 250 km on a single charge. This strengthened the company\'s position in the e-rickshaw cargo segment.
- In June 2022, Nunam, an Indo-German non-profit startup, announced plans to introduce three electric rickshaws equipped with repurposed batteries from Audi\'s e-tron test vehicles into the Indian market through a pilot initiative. The objective of this project is to empower women in India by providing them with access to these electric rickshaws, thus enhancing their employment prospects.
Acquisition and partnerships
- In February 2022, Euler Motors building electric commercial three wheeler vehicle manufacturers, partnered with Three Wheels United is a tech-enhanced financier for light electric vehicles, for financing and promoting adoption of Euler electric 3-wheelers. This partnership aims to accelerate EV adoption among drivers through easy financing.
- In March 2021, Lithium Urban Technologies is a business that accelerates sustainability, by bringing solutions to the marketplace, acquired smart electric rickshaw company SmartE. This acquisition strengthened Lithium\'s position in EV fleet operations across India.
- In February 2022, Oye Rickshaw!, which is recognized as a leading and rapidly expanding electric vehicle mobility operator in India, entered into a collaboration with RevFin, a FinTech company known for its sophisticated digital lending platform. This partnership is aimed at facilitating finance options for the e-rickshaw batteries for drivers associated with Oye Rickshaw!\'s Energy network, making loan acquisition for electric vehicles more straightforward and accessible for them.
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