Premium EV maker Odysse Electric Vehicles on Friday launched new electric motorbike VADER for daily commute and said it plans to invest Rs 170 crore in the next two years to fuel its expansion plans.
Launched at an introductory price of Rs 1,09,999 (ex-showroom Ahmedabad), the deliveries of the made-in-India e-motorbike are expected to commence from July, Odysse Electric Chief Executive Officer Nemin Vora said.
The latest vehicle comes with Lithium-ion battery that can be fully charged in four hours and is powered by a 3,000 watts electric motor that has a top speed of 85 kilometre per hour (kmph) with a range of 125 km on eco mode, as per the company.
”We will be starting deliveries of the e-motorcycle from July and we are looking to sell 15,000-18,000 units of the Vader in its first year of roll-out (July 2023-June 2024). Along with the latest offering we are expecting to end FY24 with a total of 25,000 vehicles,” Vora told PTI.
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Odyssey currently has six models (excluding VADER) in its portfolio which included five scooters and one sports bike.
The company has a cumulative annual capacity of 30,000 units in a single shift, which can be scaled up to 60,000 per annum with double shifts.
”We are also planning to set up a new manufacturing facility with an annual capacity of 1,20,000 units per annum. Though its location is yet to be finalised, we are in discussions with Maharashtra and Gujarat governments for this purpose,” he stated.
Vora said ”Odysse has already invested Rs 24 crore in the business so far and it now plans to invest another Rs 170 crore in the next two years in expansion, including in setting up the new facility.” The expansion will be funded by raising funds worth Rs 170 crore through stake dilution, which will be up to a maximum of 25 per cent, he said.
The company plans to roll out a new vehicle model besides upgrading some of its existing models in the next fiscal, he said.
Vora said that Odyssey is eyeing a more-than- two-fold increase in its topline at Rs 110 crore in the next fiscal from an estimated Rs 39 crore this fiscal on the back of VADER launch.
Also, he said, the company aims to have a dealership network of 200 outlets by March 2024.
Odyssey currently has 70 dealerships pan-India.
The latest bike has features such as a 7-inch Android display, Google Maps navigation, 18 litres of storage space, bluetooth connectivity as well as LED lighting, regenerative braking, among others, according to the company.