SRIVARU Launches PRANA 2.0 Electric Motorcycle
Aims to increase production capacity to nearly 10,000 units per month by end of 2024.
Plans to set up pan India sales network across key areas of India.
SRIVARU Holding Limited (NASDAQ: SVMH; SVMHW) has officially launched the PRANA 2.0 electric motorcycle, aiming to capture the growing demand for electric vehicles among young riders. The launch event took place in Chennai, highlighting the company's commitment to innovation in the electric motorcycle market.
Growing Interest in Electric Motorcycles
In recent times, there has been a noticeable increase in the interest of younger demographics towards electric motorcycles in India. SRIVARU has conducted thorough market research and engaged with potential customers to introduce a product that meets their expectations and preferences.
Management Statements on Launch and Market Potential
Mr. Mohanraj Ramasamy, Founder and CEO of SRIVARU, expressed his excitement about the PRANA 2.0 launch in Chennai, which is recognized as a prominent automotive hub. Notably, Tamil Nadu represents over 40% of India’s electric vehicle demand, making this launch significant in a rapidly expanding market environment.
During his speech, Mr. Ramasamy shared key insights into the market: "In 2023, India's motorcycle market crossed USD $25.6 billion in revenue, with forecasts projecting a rise to USD $36.1 billion by 2027. Electric motorcycles are expected to capture about 50% of the market by 2030, a substantial increase from the current mere 3%. This presents a remarkable opportunity for industry growth, especially with the government's emphasis on transitioning to electric vehicles as a pathway for sustainable economic development."
Manufacturing and Production Goals
Mr. Ramasamy further discussed the company's manufacturing capabilities, mentioning that the Coimbatore facility has been operational since 2017. The latest version of the PRANA has benefitted from nearly two years of rigorous testing, incorporating over 100 new components relative to its predecessor. The current production capacity exceeds 2,000 units per month on a single production line, with the potential to scale up as market demand grows.
Innovative Features of PRANA 2.0
Mr. Yuvaraj Sankar, the Director of Engineering, provided further insights into the technical specifications of the PRANA 2.0. He emphasized the motorcycle's sophisticated powertrain design, boasting a top speed of 123 km/h and features that enhance user experience, including four driving modes and an ergonomic seating arrangement.
The PRANA 2.0 also integrates modern technology with a mobile app for real-time tracking and diagnostics, aiming to set a benchmark in electric mobility products.
About SRIVARU
SRIVARU Holding Limited, incorporated in the Cayman Islands, serves as the parent company to SRIVARU Motor Private Ltd., which specializes in the design and production of premium electric motorcycles in India. SRIVARU was established with the goal of bringing innovative solutions to the motorcycle market, enhancing experiences for the next generation of riders.
Dedicated to sustainability and performance, SRIVARU aims to deliver affordable yet premium electric two-wheeler vehicles. With innovative features like a unique chassis system and advanced safety measures, SRIVARU's motorcycles promise a superior total cost of ownership compared to traditional combustion engine options.
Company Contact Details
For further information, you can contact:
SRIVARU Holding Limited
2nd Floor, Regatta Office Park, West Bay Road
P.O. Box 10655
Grand Cayman, KY1-1006
Cayman Islands
Media Contact
Investor Relations
SRIVARU Holding Limited
Email: ir@srivarumotors.com
Phone: +1 (888) 227-8066
Frequently Asked Questions
What is the PRANA 2.0 electric motorcycle?
The PRANA 2.0 is SRIVARU's latest electric motorcycle featuring advanced technology and innovative design targeted at young riders in India.
What are the key features of the PRANA 2.0?
Key features include a top speed of 123 km/h, four driving modes, an ergonomic design, and integrated mobile app functionality for tracking and diagnostics.
How many units does SRIVARU plan to produce monthly?
SRIVARU aims to increase production capacity to nearly 10,000 units per month by the end of 2024.
Where is SRIVARU's manufacturing facility located?
SRIVARU's manufacturing facility is located in Coimbatore, where they currently produce over 2,000 units monthly.
How can I contact SRIVARU for more information?
For inquiries, you can contact SRIVARU via email at ir@srivarumotors.com or call +1 (888) 227-8066.
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