Singapore-based Shado Group plans to invest $10 million (approximately Rs 70 crore) in its Pune factory to produce electric three-wheelers, the first of which will be unveiled in Bengaluru later in the day.
The three-wheeler, branded as Erick, is among the latest electric vehicle technologies based on affordable low-voltage, high-performance instantly-charged transportation mode, Saurabh Markandeya, Co-CEO and Executive Director at Shado Group, told PTI.
He stated that the company plans to invest $10 million in its Pune factory to these electric three-wheelers, adding that it is also planning to exports to emerging economies.
The group, which has its research and development centres in Singapore, Malacca and Bengaluru, is in the process of starting production of 1,000 units per month from Pune this month for India.
The zero-emission three-wheeler is designed to work in urban environment, he pointed out. Erick has a range of 70-km per charge and is capable of operating at high ambient temperatures and exceeds gasoline, CNG and diesel vehicles in performance.
Erick passenger and the cargo three-wheeler models will be available in urban India and developing markets in Africa and South East Asia. The vehicles are designed and manufactured by Bengaluru-based Adarin Engineering Technologies following its merger with Shado Group in 2017.
The present fleet of EVs take too long to charge, are expensive and charging stations are few and far between, Markandeya observed. EVs need to match conventional vehicles in performance, cost and durability, as well as have the requisite charging infrastructure in place, he elaborated.
Shado group intends to partner Indian Small and medium-sized enterprises and entrepreneurs to build out a pan-India charging ecosystem that will go on to enable the widespread consumer adoption of electric vehicles, said Markandeya.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
