HOP Electric plans to set up a second manufacturing facility, which will take the total capacity to 500,000 units per year by 2023
Keeping up with its expansion plans, HOP Electric Mobility is investing Rs 100 crore over the next two years to expand the manufacturing capacity for electric vehicles.
The company currently has a manufacturing unit at Jaipur in Rajasthan with a production capacity of 50,000 vehicles per annum, which can be expanded to roll out 100,000 units every year.
HOP Electric plans to set up a second manufacturing facility, which will take the total capacity to 500,000 units per year by 2023. The company is looking at raising resources to fund its expansion plans.
“We are targeting the commuter segment with our products,” said Ketan Mehta, founder and chief executive officer, HOP Electric Mobility. “Currently, most electric two-wheelers are priced upwards of Rs 1 lakh. We are looking at garnering volumes in the mass market by offering affordable scooters and motorcycles, with longer range and higher speeds.”
The company recently signed a Memorandum of Understanding (MoU) with the Rajasthan government. The EV maker aims to expand its footprint to Gujarat, Telangana, Punjab, Uttar Pradesh, Madhya Pradesh, West Bengal, Bihar, and Jharkhand and plans to open at least 120 dealerships across the country.
HOP Electric, which commenced sales earlier this financial year, is registering sales of around 1,000 units every month. Mehta expects monthly volumes to go up to 4,000 units by March/April 2022. The company is looking at selling at least 50,000 units in CY2022.
HOP Electric also plans to put in place a battery swapping and charging network across the country by the end of 2023.
