Hop Electric will launch a new electric motorcycle in 2023, its CEO & Co-Founder, Ketan Mehta, told Mobility Outlook. The company will eye a different segment with this offering.
'We will launch another electric motorcycle in India next year and our focus is on entering a different segment. Hop Electric will probably foray into performance electric motorcycling with the launch,' he said.
The company has recently launched Hop Oxo. It is priced from INR 125,000 onwards and is positioned in the mass mobility segment. Mehta said at the launch its potential rivals included ICE models such as Hero Splendor, Bajaj Platina and TVS Raider.
The company has already received over 5,000 bookings and hopes to sell 50,000 units this fiscal. Hop, which operates in the low-speed electric scooter segment, has sold approximately 10,000 units so far.
INR 1,000 Crore for EV Park
The company is also keen on developing an electric vehicle park in Neemrana, Rajasthan for which it has earmarked an investment of INR 1,000 crore. This will also include a components ecosystem for which its vendors will also contribute to the outlay.
Nearly 60 acres will be acquired to develop this park and once this is done, the plant will roll out 10 lakh electric two-wheelers every year. Hop’s existing Jaipur facility has a capacity of 200,000 electric two-wheelers and will close down once Neemrana is commissioned.
“Most of the vendors setting up shop at Neemrana-based will supply to us as top priority and will then cater to other OEMs once our targets of components are met,' said Mehta.
Battery Swap Project In Jaipur
Rays Power Infra-backed Hop Electric is also keen on participating in the Centre’s production linked incentive (PLI) scheme for EVs and has set aside INR 2,000 crore over five years. The company is also testing battery swap capabilities for its products in Jaipur.
Called Hop Energy Network, it started the project with five swapping stations in 2021. During the last six months, Hop says it has swapped over 2,000 batteries. The subscription program has no hassle of owning batteries and offers up to 40% lower upfront cost, access to latest battery technologies and a lifetime warranty on batteries.
The company hopes to expand its charging stations network across India, starting with Tier I cities like Delhi, Pune, Bengaluru, Chennai, Hyderabad, Gurugram, and Noida. Hop Electric also plans to launch 10 electric two-wheelers during the next five years.
Hop Electric had recently raised $2.6 million as part of its ongoing $10 million pre-series fundraisers. It has already established a dealership network of over 150 touch points across India.
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