Gurugram
HOP Electric Mobility plans to invest up to Rs 200 crore in next one year on new products, setting up charging infrastructure and in creating additional production capacity, according to company Founder & CEO Ketan Mehta.
The startup, which on Monday launched its high-speed electric-motorcycle HOP OXO with prices starting at Rs 1.25 lakh, is also setting up an electric vehicle park at Neemrana in Rajasthan, jointly with its component suppliers.
Cumulatively, till now we’ve invested close to Rs 50 crore in this business and going forward we are ready to put in up to Rs 200 crore in less than next 12 months, Mehta told PTI.
The fresh investments will go into setting up of charging network for the company’s products, which will later be opened up to other brands.
The investments will also be used on new products, including upgrading of HOP’s low-speed electric scooters to high speed, besides the EV park which will also have a new production unit, he added.
The new plant at Neemrana will have an annual production capacity of 5 lakh units. The first phase of the plant is expected to be operational by mid-2023.
HOP Electric Mobility has a manufacturing unit in Jaipur with a production capacity of 50,000 units per year.
In terms of capacity we can do up to 1.2 lakh units a year. That should be sufficient at least for next few months to supply the motorcycle as well as the scooters, Mehta said. On the EV park, he said,We are currently acquiring land for developing a new EV park, at Neemrana (Rajasthan) which is 60 acres.
