New Delhi: Electric two-wheeler maker, Okinawa Autotech will be investing Rs 200 crore in the next fiscal to ramp up the production of electric scooters. The company will also establish a new facility in Bhiwadi, Rajasthan next year, Jeetender Sharma, Founder & Managing Director, Okinawa Autotech told ETAuto.
The new facility is expected to have a capacity of one million units which will be brought into action in a phased manner. The current facility in Bhiwadi has a production capacity of 180,000 units in two shifts.
Founded in 2015, the company has invested Rs 90 crore till now. The funds have been raised from within the family, friends and loans from banks and there is no particular investor as of now. Going forward, the company is looking to have some investors on board.
Okinawa also plans to double the sales volume by the end of this fiscal. The company has sold 40,000 units in FY19 and plans to sell around 75,000- 1 lakh units this year. With the launch of Praise Pro on September 5, Sharma claims that the company has already received 5,000 bookings in the first week. By the end of this year, Okinawa will also launched a motorcycle whose specifications were not revealed.
Bullish on EV push by government (GST reduction on EVs from 12% to 5%), Sharma said, “In the next three-four years, we will start selling one million units in a year.”
On the expansion front, apart from new facility, Okinawa plans to widen its sales and services network. Currently, the company caters to 200 cities with 350 dealers and plans to further rev it up to 450 sales and services outlets by 2020 across the country.
While the company has geared up to push the sales for electric two-wheelers, Sharma underlines that lack of awareness regarding EVs among consumers still remains a hurdle. To create awareness among customers, Okinawa has started canopy activities where customers are invited and given trials. E-vehicles are also promoted through social media and website where customers can send a request for test drives and vehicles will be delivered to their doorsteps.