Bengaluru-based electric two-wheeler (E2W) manufacturer Ultraviolette plans to produce 5 lakh units annually by the end of FY29 to cater to the growing demand for energy-efficient motorcycles.
The company aims to ramp up production to 20,000 vehicles per month by the end of FY28. To achieve this, it has earmarked an investment of Rs 200 crore to double the capacity of its existing plant in Bengaluru's Electronic City and set up a new manufacturing facility with an annual production capacity of 2.5 lakh units.
The current plant near Electronic City has an annual production capacity of 30,000 units, which will be increased to 60,000 units over the next few months. Ultraviolette is also planning to establish another manufacturing unit, for which it has signed an MoU with the Karnataka government. The proposed facility will have the capacity to manufacture 2.5 lakh units annually.
Niraj Rajmohan said, "We see huge demand for our bikes. However, once this Rs 200-crore investment is fully utilised, the question is what comes next. We will need another plant to take our total annual production capacity to 5 lakh units.”
He hinted that the company may set up a facility may come up in Tamil Nadu, but those discussions are still at a preliminary stage.
The company is also witnessing strong traction for its motorcycles in international markets. It currently exports to 19 countries, including Germany, Spain, Netherlands and the United Kingdom.
"We have developed our two-wheelers in compliance with regulatory requirements in Western markets. In Europe, we see the strongest demand coming from Southern European countries. International business contributed around 10% of our revenue last fiscal, and we expect exports revenue to grow fivefold this year," Rajmohan said.
Ultraviolette recently opened its 42nd showroom and its second outlet in Chennai as part of its efforts to strengthen its retail and service network across India.