Greaves Electric Mobility Ltd (GEML), a subsidiary of Greaves Cotton Ltd, is targeting to cross 10% market share in electric two-wheelers from the current 6%, according to Vikas Singh, managing director of GEML. The company plans to achieve this double-digit market share through expansion in product portfolio, distribution network, and financing partnerships amid a sharp rise in electric vehicle demand. Singh noted that India's electric two-wheeler market is currently growing at around 70-75% annually, with monthly sales of about 200,000 units compared with roughly 120,000 units at the end of last year.
Singh expects India's electric two-wheeler penetration to reach 15% in the near future and potentially 30% by 2030-31, up from the current 11% penetration. The company has sold around 10,127 vehicles in June, with products priced between ₹65,000 and ₹1.5 lakh. The portfolio includes Ampere Nexus, Ampere Magnus G Max, Ampere Reo, and a low-speed scooter Reo VYB. GEML is growing faster than the market, with Singh stating the company is growing at 120% while the market is growing at around 75%.
The company is betting big on international markets including Nepal, the Philippines, Indonesia and Sri Lanka for two-wheeler exports, as reported by Business Standard. GEML has lined up an investment of ₹530 crore in the near term to support its expansion plans. The company currently operates its Ranipet facility at about 30% of installed capacity, with an annual capacity of 500,000 units, providing sufficient headroom for growth over the next couple of years.
GEML is strengthening its battery and component ecosystem through insourcing of technology and key products, with battery being a key focus area. The company is developing a rare-earth-free motor to reduce supply-chain risks following disruptions caused by rare-earth shortages, which should be launched in the next three to four months. On the battery side, work is underway to reduce import dependency and ensure both supply and cost economics work for the company. Singh added that the company plans to launch one significant new product every quarter.
