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Ultraviolette Automotive to infuse Rs 500 cr to scale up business

Wednesday, 08 Sep 2021
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Electric two-wheeler maker Ultraviolette Automotive will invest Rs 500 crore in the next three to five years to scale up business, including setting up of a new manufacturing unit and product development.

The company, in which TVS Motor Company is an investor, is setting up its manufacturing and assembling facility near Electronics City, Bengaluru, Karnataka, from where it will start producing its high performance electric motorcycle -- the F77 in Q1/2022.

The commercial availability of the model is expected by March 2022.

In the first year, the company will produce 15,000 electric motorcycles and  scale up to an annual capacity of 1.2 lakh units. The unit will provide employment to over 500 people, who will be trained on electric vehicle (EV) manufacturing and assembly over the next five years. The facility is spread over 70,000 sq ft.

Setting up of the manufacturing unit, further capacity expansion if required, R&D and new product development will all be covered under the planned investment.

In terms of network expansion, in the initial stages Ultraviolette plans to set up company-owned experience zones in the first few cities across India and once the template is well established it will partner in multiple hybrid ways with other interested people from a distribution channel perspective to scale exponentially across India.

 
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