SRIVARU Unveils the PRANA 2.0 Electric Motorcycle
The company aims to ramp up production to nearly 10,000 units each month by the end of 2024.
Plans are underway to establish a sales network across key regions in India.
SRIVARU Holding Limited (NASDAQ: SVMH; SVMHW) has officially introduced the PRANA 2.0 electric motorcycle, targeting the rising demand for electric vehicles among younger riders. The launch event was held in Chennai, underscoring the company's dedication to innovation in the electric motorcycle sector.
Increasing Popularity of Electric Motorcycles
Recently, there has been a significant uptick in interest from younger individuals in electric motorcycles across India. SRIVARU has conducted extensive market research and engaged with potential customers to develop a product that aligns with their preferences and expectations.
Insights from Management on the Launch and Market Potential
Mr. Mohanraj Ramasamy, the Founder and CEO of SRIVARU, expressed his enthusiasm about the PRANA 2.0 launch in Chennai, a city known as a major automotive hub. Tamil Nadu alone accounts for over 40% of India’s electric vehicle demand, making this launch particularly important in a rapidly growing market.
During his address, Mr. Ramasamy shared valuable insights into the market landscape: "In 2023, India's motorcycle market generated USD $25.6 billion in revenue, with projections indicating it could rise to USD $36.1 billion by 2027. Electric motorcycles are anticipated to capture around 50% of the market by 2030, a significant jump from the current 3%. This presents an exceptional opportunity for growth in the industry, especially given the government's focus on transitioning to electric vehicles as a means of fostering sustainable economic development."
Production and Manufacturing Objectives
Mr. Ramasamy also elaborated on the company's manufacturing capabilities, noting that the Coimbatore facility has been operational since 2017. The latest iteration of the PRANA has undergone nearly two years of rigorous testing and includes over 100 new components compared to its predecessor. Currently, the production capacity exceeds 2,000 units per month on a single production line, with the ability to scale up as demand increases.
Key Features of the PRANA 2.0
Mr. Yuvaraj Sankar, the Director of Engineering, shared further details about the technical specifications of the PRANA 2.0. He highlighted the motorcycle's advanced powertrain design, which allows for a top speed of 123 km/h, along with features that enhance the user experience, such as four driving modes and an ergonomic seating arrangement.
The PRANA 2.0 also incorporates modern technology, including a mobile app for real-time tracking and diagnostics, setting a new standard in electric mobility products.
About SRIVARU
SRIVARU Holding Limited, incorporated in the Cayman Islands, is the parent company of SRIVARU Motor Private Ltd., which focuses on designing and producing premium electric motorcycles in India. Established with the aim of delivering innovative solutions to the motorcycle market, SRIVARU is committed to enhancing the riding experience for the next generation.
With a strong emphasis on sustainability and performance, SRIVARU strives to provide affordable yet high-quality electric two-wheelers. Featuring innovations like a unique chassis system and advanced safety measures, SRIVARU's motorcycles promise a superior total cost of ownership compared to traditional combustion engine alternatives.
Contact Information for the Company
For more information, please reach out to:
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 the latest electric motorcycle from SRIVARU, designed with advanced technology and innovative features aimed at young riders in India.
What are the key features of the PRANA 2.0?
This motorcycle boasts a top speed of 123 km/h, four driving modes, an ergonomic design, and a mobile app for tracking and diagnostics.
How many units does SRIVARU plan to produce monthly?
SRIVARU has set an ambitious goal to increase production capacity to nearly 10,000 units each month by the end of 2024.
Where is SRIVARU's manufacturing facility located?
The manufacturing facility of SRIVARU is situated in Coimbatore, where they currently produce more than 2,000 units each month.
How can I contact SRIVARU for more information?
You can reach out to SRIVARU via email at ir@srivarumotors.com or by calling +1 (888) 227-8066 for any inquiries.
