Indian electric vehicle startup EeVe, which displayed two new electric two-wheelers Forseti and Tesoro at the Auto Expo 2020, is planning to take its business global in the coming year.
The Odhisha-based electric vehicle manufacturer is looking to enter emerging markets, especially Bangladesh and Sri Lanka, and is already in discussion with partners in Indonesia for distribution. The information was disclosed by Harsh Didwania, Co-Founder and CEO at EeVe to yourstory.com.
Having launched production in November 2019, EeVe has its footprint in the states of Odhisha, Andhra Pradesh, Assam, Bihar, West Bengal, Jharkhand and Chhattisgarh with 44 dealers. The company plans to have a pan-India presence in 2021 as it puts together a complete line of scooters and motorcycles. Mr Didwania has said that the company is currently at 40 per cent localisation with its products that include the chassis, wiring and the body panels, while the motors and controllers are bought from Bosch.
EVW has reported that EeVe is planning to launch the Forseti electric scooter by May or June 2020 and will also be bringing an electric motorcycle by the festive period of 2020. EeVe will launch a bigger motorcycle than the Tesoro, to compete more fiercely with IC-engined products. Another information we received recently is that the brand is looking at bringing in a premium scooter that will have the specifications to challenge Ather 450 line and the Bajaj Chetak. The flagship product is expected to launch next year.
EeVe is looking to invest around Rs 150 crore to Rs 160 crore in the next two years, to be used for expanding the production capacity, expanding the dealership network and product development. The company will establish an R&D facility in India to design and develop the next generation of its electric vehicles from scratch.
The company has so far invested over Rs 70 crore in the brand. Mr Didwania has said that EeVe is already in talks with several companies to attract external investment.