Ultra Motor to invest Rs 150 crore in India
The UK-based electric two-wheeler manufacturer, Ultra Motor plans to invest Rs 150 crore in India over the next three years, towards expanding its operations in the country and launching new e-bikes and e-scooters. Following the announcement of tax benefits by the Delhi government to EV manufacturers, Ultra Motors has also reduced the prices of its electric scooters by 24 percent in Delhi.
'To avail the benefits of the untapped Indian market, we will be investing Rs 150 crore in the next three years to expand our operations in India,' says Joe Santana, chairman, Ultra Motor. The investments would go towards new product development and marketing costs.
Ultra plans to launch five new electric scooters in India in this fiscal. Three of these would be in the low-speed segment, while the remaining two would high-speed models. The company is also working on an electric motorcycle at its R&D centre in the UK. The bike, whose performance would be comparable to a 100cc petrol-engined bike, will also be introduced in India in 2009.
[Via: Indiaautomotive]
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