Ampere aims ₹80k-1 lakh price range for its products, eyes portfolio expansion – EQ Mag
Greaves Cotton-owned electric two-wheeler brand Ampere aims to grab a larger chunk of the bulging electric vehicle market in India, which is currently dominated by electric two-wheelers. To enhance its market share, Ampere is focusing on expanding its product portfolio, said Nagesh Basavanhalli, Executive Vice Chairman of Greaves Cotton Ltd. The introduction of Ampere Primus at the Auto Expo 2023 alongside two other concept electric scooters, NXG and NXU, is part of that strategy, he said.
The EV company that manufactures electric two- and three-wheelers unveiled a total of five new product concepts at the Auto Expo 2023. The EV maker has said that it aims to launch electric scooters in the range of ₹80,000 and one lakh, where it currently sells the existing models. Currently, the manufacturer has electric scooters like Primus, Magnus EX and Reo Plus in its portfolio.
Speaking about its strategy for future product portfolio expansion, Basavanhalli said to PTI that the company had witnessed incremental growth by adding values and demonstrating value propositions. He also claimed that the Magnus model had sold more than one lakh units since its inception.”We were playing in that sweet spot of ₹85,000 to ₹1 lakh. Now the goal is through our products, we will move a little bit left with one or two value products more a little bit right with the incremental new generation products, which brings an incremental or newer customer base to us. So now the pie is being expanded,” he added.
The Indian electric two-wheeler market has been growing fast. The Greaves official hopes that from around 2.5 lakh units annually last fiscal, the market size would touch about seven lakh units in the ongoing financial year, and he also projected it to be around 13 lakhs next year. While Ampere owns around 14 per cent of the market, it aims to grow bigger with new models, Basavanhalli said, adding that as the market size expands, the endeavour of the company would be how to continue to keep its market share, grow further and expand it.
As part of its growth strategy, Ampere is aiming to increase production volume substantially. The company claims to be ready to make a quarter million units in one shift and half a million in two shifts.
Source: PTI
