Kinetic Green rolls out E-Luna at Rs 69,990, aims to sell 1 lakh units in FY24-25

Nitin Gadkari, Minister of Road Transport and Highways, Government of India, Dr. Arun Firodia, Chairman of Kinetic Group, Sulajja Firodia Motwani, Founder and CEO of Kinetic Green and Ritesh Mantri, Co-Founder & Executive Director of Kinetic Green unveiling Kinetic Green’s E-Luna

The Kinetic Luna, an iconic moped in the 1970s and 80s, has finally made a comeback, this time in an electric avatar. Nearly a fortnight after commencing the bookings of the e-Luna, Kinetic Green Energy and Power Solutions has launched the model at Rs 69,990 for the X1 trim and Rs 74,990 for the X2 trim (both ex-showroom Delhi and introductory).

“E-Luna will definitely benefit from the iconic brand ‘Luna’, which brings a lot of nostalgia and positivity,” Kinetic Green Founder and CEO Sulajja Firodia Motwani told Moneycontrol in an exclusive interaction.

She added, “Beyond that, E-Luna is a very differentiated product, which is clutter-breaking with a groundbreaking price. In my opinion, the product is as powerful as the brand. And I think it is a product whose time has come.”

Motwani further said that nearly 50,000 units have been booked by B2B customers and there are 30,000 enquiries from B2C customers.

The E-Luna, which has a 2 kWh lithium-ion battery, has a range of 110 km on a single charge. E-Luna variants will offer options of 1.7 kWh, 2.0 kWh and subsequently, a 3.0 kwh battery pack with a 150 km per charge riding range.

“Today, there is a lot of interest in the market for Electric Vehicles (EVs). But despite there being many of them are either suitable for a wide variety of audiences or many of them are also not affordable to a wide variety of audiences. So, e-mobility is very niche, (accounting for) only 5 percent (of the total two-wheeler market). I think E-Luna can appeal to a wider demographic with its features. It (can cater to) not just to tier 1 but also tier 2 and 3 cities,” added Motwani.

Union Road Transport Minister Minister Nitin Gadkari, who unveiled the model, reaffirmed that EV sales are growing at a rapid pace in the automotive industry.

While delivering his speech, Gadkari said: "What catches my attention about the E-Luna is not merely the fact of it reducing carbon footprint, but also its capability to penetrate tier 2, tier 3 cities and rural areas of India. That is where the real Bharat is!”

He went on to add, “It is a vehicle that encourages geographical inclusivity. This is the inclusivity that will see Bharat grow, expand and become a leading economic superpower in the world.”

Kinetic Green plans to invest Rs 100 crore for product development, brand building, marketing, etc., of this model over the next 12-15 months. Out of that, nearly Rs 20 crore has been earmarked for setting up a capacity of 5 lakh units of E2Ws (including E-Luna) at Supa in Ahmednagar, Maharashtra for this model.

The Kinetic Green CEO said that the company plans to expand the E-Luna platform to cater to multiple segments. However, she maintained, "Our focus would, however, remain on the scooter vertical. We do not have any plans to get into the electric motorcycle segment.”

Sales target

The Pune-based EV maker aims to sell more than 1 lakh units of the electric version of Luna in the next financial year as it aims for a four times growth in its turnover from the current Rs 350 crore to Rs 1,200 crore by FY 25. Out of the projected revenue, the company expects around Rs 800 crore revenue from the Luna segment alone next fiscal.

"We are targeting to sell 1 lakh units of E-Luna next fiscal as we expect the company turnover to touch Rs 1,200 crore next year," Motwani told reporters in a press conference.

When asked to share her thoughts on the current EV policy, she said, “I strongly feel that the government would extend the FAME scheme to push the adoption of the electric two-wheeler segment in the country. This is where E-Luna emerges with a price starting at an introductory ex-showroom price of Rs 69,990."

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