Okaya Power Group’s EV arm, Okaya Electric Vehicles (Okaya EV), is eying INR 10,000 crore revenue and aims to sell one million vehicles in the next three years. Okaya EV also said it has already sold 1.70 lakh EVs ever since it ventured into the domestic electric vehicle space nine months ago.
During this period, the company has achieved a deeper market penetration with a network of more than 400 showrooms, covering all the states across the country, it said.
The EV maker’s current product range comprises ClassIcQ 100 and 150, AvionIQ 100 and 150, and Faast e-scooters.
Buoyed by the high demand for ‘Faast’, the company is currently in the process of expanding its production capacity with plans to manufacture up to 5-lakh EVs per annum in the next six months apart from launching many more exclusive showrooms pan-India, it added.
It currently has a capacity to manufacture 1,80,000 electric vehicles per annum.
“We expect to close this financial year with INR 2,000 crore revenue. Subsequently, we have targeted to sell over 10-lakh EVs in the next three years and achieve over INR 10,000 crore revenue during this period through our EV arm,” said Anshul Gupta, Director, Okaya Power Private Limited.
The domestic electric two-wheeler industry is yet to pick up its desired pace despite subsidies being offered to the consumers by the government with lack of awareness a major roadblock to EV uptake, it said.
Noting that localisation is playing a major role in the growth of Okaya EVs, he said the company has done localisation of up to 70 per cent of the EV components in-house.
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