Srivaru Motors, a subsidiary of the Nasdaq-listed Srivaru Holdings, is gearing up for significant growth with a planned investment of at least $8.5 million in the current 2024-25 fiscal year. This investment will be directed towards expanding its manufacturing facility in Coimbatore and fueling research and development efforts for new electric vehicle models.
The company showcased its commitment to the Indian market by launching two new vehicles priced above Rs 2 lakh, signaling its ambition to capture a sizable share of the burgeoning electric vehicle segment. Srivaru Motors is also in the process of establishing a nationwide sales network to ensure widespread accessibility and reach.
The company’s long-term vision goes beyond domestic borders. Srivaru Motors has already invested $12 million and aims to invest an additional $50 million by FY27 to facilitate international market expansion. This ambitious plan also includes potential mergers and acquisitions focused on vertical integration, which will likely enhance its capabilities and supply chain.
Mohanraj Ramasamy, founder and chief executive of Srivaru Motors, emphasized the company’s dedication to innovation. He highlighted that the latest iteration of their electric bike has undergone rigorous testing over two years. Their manufacturing facility is capable of producing over 2,000 units per month on a single production line during a single shift. The facility’s advanced automated assembly and testing lines provide the company with the ability to scale up production swiftly to meet growing market demand.
Srivaru Motors is allocating a substantial portion of its investment over the next three years to research and development efforts, demonstrating its commitment to pushing the boundaries of electric vehicle technology. This investment will undoubtedly be crucial in the development of innovative, sustainable, and competitive electric vehicle models that can cater to a wide range of customer needs.
