Okinawa plans to invest $40 mn in 3 years to expand operations

Electric two-wheeler maker Okinawa Autotech plans to invest around USD 40 million (over Rs 270 crore) over the next three years in the country to expand operations and introduce new products.

The company, which today launched its first electric scooter 'Ridge' priced at Rs 43,702 (ex-showroom Delhi), has already invested around Rs 35 crore to set up operations including a manufacturing facility at Bhiwadi, Rajasthan.

"We plan to invest USD 40 million over the next three years to set up R&D capabilities, expand sales network and establish another manufacturing plant," Okinawa Scooters Managing Director Jeetender Sharma told PTI.

Currently the company has 24 dealerships in states like Haryana, Punjab, Delhi and Uttar Pradesh and going ahead it plans to expand in smaller towns as well.

"Over the next three years our target is to have 450 dealerships across the country. In the first phase we are focusing on cities, followed by rural markets in the future," Sharma said.

The company also plans to come up with a new plant and roll out other models. The present manufacturing plant has an annual production capacity of 90,000 units.

"We plan to launch other models as well. The next product which we plan to launch in the next quarter would have a range of 200 kms," Sharma said.

Commenting on the Ridge, he said the e-scooter has a range of around 90 kms and comes with two charging setups.

The fast charging unit charges the battery in 1-2 hours while the normal one takes 4-6 hours to charge the battery fully.

The scooter comes with alloy wheels, tubeless tyres and telescopic suspension. The e-scooter is also compliant with regulatory standards.