The company has acquired land near Bhiwadi for the new plant, which will have a total manufacturing capacity of one million units. The first phase of the plant will be commissioned towards the beginning of 2020-21. The plant will be funded through a mix of debt and internal accruals, according to the company.
Okinawa Autotech reported revenue of ₹200 crore for 2018-19.
“We expect the market for electric twowheelers and three-wheelers to grow to 7-8 million units by 2022. We want to gain leadership position in the electric two-wheeler segment and will be ready with the required products, technology and capacity for the same,” said Jeetender Sharma, founder, Okinawa Autotech.
The company recently received certification from the Automotive Research Association of India (ARAI) for two products – Okinawa I-Praise and Okinawa Ridge+ – for being compliant to FAME-II (Faster Adoption and Manufacture of Hybrid and Electric Vehicles) standards.
Sharma said the level of localisation in both products stands at about 80%. He said the company had been working on increasing localisation in its products for the past two and a half years and could, therefore, meet the requirements as outlined under FAME II announced in March 2019.
“Our customers will be able to avail of subsidies of ₹17,000-26,000 on the I-Praise and Ridge+ under FAME-II. We have been working on localising our products for over two years now and sourcing components from around 50 vendors in the National Capital region (NCR),” said Sharma.
According to the company’s website, the IPraise is priced at ₹1.14-1.16 lakh and the Ridge+ at ₹79,290 (ex-showroom price). Though the prices are higher than those for petrol scooters, Sharma said the running costs are way cheaper. According to him the running cost of the electric two-wheelers stands at 10-20 paise per km compared to ₹1.75-1.80 per km for petrol two-wheelers.