Omega Seiki Mobility rolls out e-autorickshaw for urban markets

More than a year after rolling out an electric rickshaw for semi-urban and rural markets , Omega Seiki Mobility (OSM) launched its new electric urban passenger vehicle- OSM Stream City- – in two configurations. The Stream City ATR with a swappable battery option is priced at Rs 1.85 lakh and the Stream City A85 equipped with a fixed battery will be available at Rs 3.01 lakh (all prices ex-showroom).

“While we started with cargo vehicles, this launch is in line with our strategy of providing a complete 3W (three-wheeler) solution covering both cargo as well as passenger segments,” Omega Seiki founder Uday Narang said in a statement. When asked to share the sales target of this model, he stated that the company intends to sell 10,000 units of both Stream and Stream City in the current fiscal and another 25,000 units during FY25.

The Stream City ATR has a claimed range of 80 km on a single charge, while the Stream City 8.5 has a claimed range of 117 km, according to the Automotive Research Association of India (ARAI).

The launch comes at a time when other Original Equipment Manufacturers (OEMs) like Bajaj Auto, Piaggio, Mahindra and Mahindra (M&M), Euler Motors, etc., are working on medium -speed electric cargo or passenger vehicles.

“Our Stream City range will empower e-autorickshaw drivers… to optimise their earnings potential. A 15-20 percent increase in earnings potential will be offered by the electric passenger three-wheeler, ensuring more earnings and larger savings,” Narang added.

OSM has ramped up production fivefold and plans to sell over 10,000 electric 3Ws in FY24. The swappable battery is being introduced in association with Sun Mobility, which will provide a quick interchange station network for customers to exchange batteries. At present, it has a network of more than 175 dealerships across India.

It has also tied up with banks and NBFCs, including Indian Bank, Union Bank, IDFC, Chhattisgarh Gramin Bank and Shriram Transport for vehicle finance.

As per domestic credit rating agency ICRA, E3Ws are expected to gain traction due to favourable operating economics, and the government's focus on cleaner means of transportation.

ICRA said battery-run vehicles are likely to account for 14-16 percent of new three-wheeler sales, excluding L3 category rickshaws, by FY25, up from 8 percent currently. The share of electric 3Ws is estimated to rise to 35-40 percent by FY30 as it gains wider acceptance and financing-related challenges subside.