Omega Seiki Mobility Expects Domestic EV Segment To Grow In Double Digits In 2023

Updated on: 9 September 2022 9:13 pm

This would be the Japanese investors’ smallest investment in the company through its Vision Fund at a valuation of $600 to $700 million

SoftBank Plans To Invest $35 Million For Start-Up GoMechanic: Report Photo: This would be the Japanese investors’ smallest investment in the company through its Vision Fund at a valuation of $600 to $700 million

Electric Vehicle maker Omega Seiki Mobility has said it is expecting the domestic EV segment to grow in double digits next calendar year on the back of a significant rise in demand.

OSM is also of the view that there is a huge potential for the electric cargo four-wheelers with the demand in this space expected to gain momentum from next year, the company's chairman and managing Director Uday Narang has said.

The company also announced the launch of a 250 km range electric three-wheeler Vicktor at an introductory price of Rs 5 lakh (ex-showroom Delhi post-government subsidy) for the last-mile delivery segment on the occasion of the 'World EV Day'.

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The vehicle can be booked at an initial payment of Rs 9,999, which commenced on Friday, while the delivery will start from November, OSM said, adding that the introductory prices are for the first 100 customers.

The 20 kWh Lithium-Ion battery pack that powers the latest vehicles, provides a segment-first range of 250 km on a single charge, OSM claimed.

The EV industry should continuously grow in the remaining part (September-December) of this calendar year as we are seeing a substantial increase in the two and three-wheeler sales volume.

"We have seen almost a 300-400 per cent growth in two-wheelers demand while almost 51 per cent of the three-wheelers have already been electrified. And we think over the next three to four months, you will see that number growing," Narang said.

He also said that the EV industry is making its own justification owing to "pricing, economies of scale, stability as well as technology, among others".

"Next year, you could possibly see another double down of EV sales in India. We feel there is a huge potential for four-wheeler cargo electric vehicles and the demand for the same is expected to grow in the next year," according to Narang.

On the company's sales growth prospects, Narang said, "We think, we are going to continually be among the leaders in the cargo space this year as well as next year. We believe that we're going to be in the top three or four".

He said OSM is also coming up with a variant of its passenger three-wheeler next year.

"So, we see our numbers growing substantially going forward. We expect to clock sales of 25,000-30,000 vehicles next year. We're also coming up with electric two-wheelers and four-wheelers. So, next year will be a blockbuster year for us and the growth at OSM will continue," Narang said.