NEW DELHI: India’s second largest electric two-wheeler maker Okinawa plans to launch two new products by the festive season as it aims to triple its sales and revenue this financial year.The two products are the e-bike Oki100 and a high speed e-scooter codenamed Oki90. Okinawa says that the Oki90 will come with swappable batteries and offer a range of over 200 km on a single charge..
The Gurugram-based company, which clocked an annual revenue of Rs 155 crore in FY21 and sold 30,930 units during the year, also reiterated its commitment to invest Rs 150 crore during the financial year in an effort to expand its product portfolio and on-ground footprint.
“The last year has been tough for the entire automobile industry. It was indeed a setback for us at Okinawa, as for any other company,” said Jeetender Sharma, MD & founder of the company. “Okinawa is planning to sell three times the scooters that we sold in 2020. As the ecosystem strengthens further, we are absolutely bullish about our growth prospects in FY22.”
However, achieving this growth won’t be easy. EV sales, which witnessed minor recovery during the second half of the last fiscal, is now back under pressure due to the second Covid-19 wave.Additionally, the segment is expected to turn highly competitive with the heavily-funded Ola Electric making its big entry in October this year. SoftBank-backed Ola has plans to disrupt India’s EV market. Besides Ola, the current market leader Hero Electric, Bajaj Auto, and Hero MotorCorp-backed Ather Energy are also ramping up their capacities.