- The Reliance-backed 10-year-old company will foray into the passenger electric three-wheeler segment next month.
- It might also foray into the commercial electric four-wheeler segment in FY25
Making waves in India’s electric three-wheeler (E3W) market, Altigreen was originally conceived as an organisation that would design, develop, manufacture, and supply specific electric vehicle components to other original equipment manufacturers (OEMs).
Debashis Mitra, Director of Sales & Marketing, Altigreen, in a conversation with Electronics For You, noted that the startup had even sent out specific components and drivetrains to electric two-wheeler, E3W, and electric four-wheeler OEMs.
“The growth in that segment seemed very slow, and we decided to pivot into manufacturing electric 3w vehicles,” he said.
Backed by Reliance, the 10-year-old company chose to venture into the E3W space, as it feels that this segment is best suited to help Indians experience electric mobility. Selling E3Ws since 2022, Altigreen retailed over 2,100 cargo E3Ws last fiscal.
Passenger 3W electric launch in Sep 2023.
Next on the company’s list is the launch of a passenger E3W named RAHI. Mitra confirmed that the homologation and certification of the new vehicle are almost done and the same is scheduled for launch next month.
“We are aiming to retail the same in the semi-urban and semi-rural parts of the country. Altigreen will be the first to deploy and sell passenger E3Ws in these geographies,” Mitra claims.
The company is also looking to “at least” double its dealerships from 31, before the end of this fiscal. Most of the new dealerships will be opened in the geographies Mitra mentioned above.
Also Read: Hira Group To Invest INR 150 Cr More In Godawari EVs
“We will close FY24 with 10,000 + E3W sales. About 20% of these will be from the passenger segment, and the majority from the commercial cargo segment,” Mitra explained.
Passenger Variant RAHI E3W will boast a range of 120 km, a battery warranty of 3 years/ 100,000 km, with the capacity of its battery being charged from 0 to 100 in around 3.5 hours.
New cargo E3Ws
Also on the cards for the company is the launch of two new E3Ws in the commercial segment before the end of this calendar year. There is a strong possibility that these two new offerings will be placed below the already available neEV Tez, powered by Exponent’s 15-minute charging tech.
Mitra added that the company acquired over 11% share in the L5 E3W category in India during the last fiscal year. Regarding overall adoption, the L5 category saw 1% adoption of E3Ws in 2021, 6% in 2022, and over 18% in 2023.
Compared Month-on-Month, the category witnessed 24% E3W adoption in July 2023 and over 21% adoption during the first quarter of the current fiscal.
Altigreen’s current supplier base stands at 200+, and Mitra believes that with the launch and development of new products and “categories”, this base will keep increasing over time. The company might also foray into the commercial electric four-wheeler segment in FY25.
It can manufacture 55,000 E3Ws at its facility in Bangalore. As per Fortune Business Insights, the global electric three-wheeler market size is expected to grow from $2.71 billion in 2023 to $10.26 billion by 2030, at a CAGR of 20.9%.
