company is involved in the development of electric motorcycles, scooters,
commercial vehicles, autonomous vehicle drivetrains for global consumers, and
EV smart chargers.
Energy will be producing EV batteries in India, which is considered to be one
of the major cost reflectors in an EV. The strategy has resulted in cutting
down the end product price significantly.
Energy Vehicles are compliant with all the public charging stations being set
up by both Government and private players, the company’s press release stated. The
company aims to facilitate the EV market with 4,500 units of electric vehicles
this year. Earth Energy EV is also in the advanced stages of setting up a greenfield
manufacturing facility in Maharashtra with an annual capacity of 65,000 Units.
The company is expecting to see a CAGR of 23% YoY in its production figures.
Shenghani, CEO & Founder, Earth Energy EV says, “We have diligently
invested three and a half years to perfect the vehicles and underlying
technologies to make reliable and affordable EVs. We are witnessing a huge
demand for EV adoption in the Indian market. Our indigenised vehicles are made
ground up to put a dent in the stereotypical -electric mobility landscape in
India. The inception of Earth Energy EV is the beginning of something unique in
the EV market.”
Energy has previously raised investments from private investors and has been a
part of the SmartCity Dubai Accelerator Programme in 2018. The funding was used
to hire critical talent, strengthen the sales network, and make the vehicles
production-ready via enhanced OEM relations and a strong supply chain.
2020, the company raised seed round funding led by LR Joshi, managing director
of Pranada Biopharma along with other private equity investors. The funds were
raised to facilitate the launch of its three upcoming vehicle models which have
been going through on-road trials over the last two-and-a-half years to ensure