Tube Investments enters electric bike segmentNovember 10th, 2008 - 6:25 pm ICT by IANS
Chennai, Nov 10 (IANS) Tube Investments of India (TI), a Rs.17.82-billion multi-product company, entered the nascent electric scooter market with its subsidiary BSA Motors launching five models here Monday. “BSA Motors will invest around Rs.200 million into this business, and we hope to sell around 10,000 units this fiscal and 60,000 units the next year,” Arun Alagappan, senior vice-president, told reporters at the launch function.
The two-wheeler plant has the capacity to roll out 150 units a day, which can be ramped up to 300 units, Alagappan said.
According to him, the Indian electric bike market is expected to touch 300,000 units this fiscal, double that of last year’s figures.
Focussed initially on the four southern states, Puducherry and Goa, Alagappan said the bikes would be marketed nationally by March 2010.
BSA Motors will retail the electric bikes through 45 dealers in the south by December and later increase the dealership network to 75 by the end of this fiscal.
Priced in the range of Rs.29,000 to Rs.37,000, the five models are targeted at school and college students and women. Each variant will have four colour options.
Explaining the logic behind the new venture, group chairman M.M. Murugappan said it is a “logical extension” of one of TI’s products - bicycles. “The electric scooter market is presently estimated at Rs.4.5 billion and is expected to double in a year’s time,” he added.
BSA Motors will import critical components like battery and the charger from Taiwan.
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