New Delhi: Electric two-wheeler company Ultraviolette Automotive Private Limited will invest Rs 500 crore to expand its business during the next three to five years. The company will set up a new manufacturing unit and do product development through this investment. TVS Motors Company is an investor in Ultraviolet Automotive. The company is setting up its manufacturing and assembling plant near Electronics City in Bengaluru. From this plant, the company will start production of its high-performance electric motorcycle F77 in the first quarter of 2022.
This model is expected to be commercially available by March 2022. The company said that it will produce 15,000 electric motorcycles in the first year. Later its annual production capacity will be increased to 1.2 lakh units. The unit will provide employment to 500 people who will be trained in electric vehicle manufacturing and assembly during the next five years.
Also read: Maruti Suzuki production declines by 8 percent due to chip shortage, know how much sales happened in August?
Know what the CEO of the company said?
Narayan Subramaniam, Founder and Chief Executive Officer (CEO) of Ultraviolette, told PTI that we plan to invest Rs 500 crore in the next three to five years. This manufacturing plant will be of 70,000 square feet. It can also be expanded if needed.
Neeraj Rajmohan, Founder and Chief Technology Officer (CTO) of Ultraviolette, said that under this investment, manufacturing units will be set up, capacity will be further expanded according to the need, research and development and new product development will be done.
Read Hindi News online and watch Live TV News18 on Hindi website. Know news related to country and abroad and your state, Bollywood, sports world, business.