Buoyed by demand for electric two-wheelers in the country, Bhiwadi-based Okinawa Autotech is building a new facility with an annual capacity of four to five lakh units.
The company has lined up a total investment of INR 350 crore through the next three years. In the first phase, a sum of INR 150 crore will be invested in the first year and gradually increased over the coming years, a top executive of the company told Mobility Outlook.
At present, the company’s old facility in Bhiwadi, Rajasthan can manufacture 180,000 units annually.
The second-largest electric two-wheeler manufacturer in the country will also enter the electric motorcycle segment and launch a new model of electric scooter codenamed ‘OKI100’ in the first half of this year, Jeetender Sharma, Co-Founder and Managing Director, Okinawa Scooters said.
This will further beef up Okinawa’s existing product portfolio of six products, which is a mix of high speed and low-speed scooters. With the two new launches, it will have a total of seven products this year.
“With new capacity and new products, we are aiming to sell 90,000 units in the ongoing fiscal,” Sharma added. In FY21, the company sold a total of 30,000 units.
“With rising awareness about electric scooters and increased preference towards personal mobility, we are confident that we would be able to grow our sales volume by three times from last year. Apart from that, rise in demand for last-mile delivery will also help us to further grow the business,” he said.
Currently, the B2B sector, including its business in the e-commerce and last mile segments, contributes around 20% of the total business of Okinawa Autotech.
On the back of its ambitious plan to triple its sales, the company is aggressively working towards expanding its network. It plans to add 150 more dealers this year, taking the total number to 500 dealers.
Started in 2017, Okinawa Autotech is currently placed second in the electric two-wheeler market after Hero Electric, with a market share of 36%, claimed Sharma.