KETO to invest USD 10 million into making e-rickshaws nationally

The company showcased its flagship product for the first time at the eighth eco-friendly electric vehicles expo in India that kicked off on Friday at Pragati Maidan here.

Balram Narayankar, Director of KETO said, “KETO is likely to invest $10 million in the coming two years, and the funds will be used for setting up a new plant with a capacity of 50,000 units annually, and towards research and development of the product. Our focus is to make these vehicles accessible and affordable to all; so, in addition to retailing, KETO is considering leasing options.”

Designed to the EU standards, the e-autos come in three variants, Kyto 3, Kyto 5 and Kyto Cargo, catering to customers’ needs in the domestic market. While Kyto 3 and Kyto 5 are 3 and 5-seater passenger vehicles; Kyto Cargo will be used for carrying goods and waste collection.

Grayson Richards, MD, KYTO Green Technologies said, “Electric Autorickshaws are a revolution in the public transportation and cargo sectors, and India will witness this change unfold across the country. Our eco- friendly vehicles come with recyclable exterior panels. These technologically advanced vehicles are equipped with high quality electronic control systems from the US.”

Goenka Electric to invest $5 mn in one year to increase production capacity Goenka Electric Motor Vehicles (GEM), a manufacturer of e-rickshaws in the country announced that it would invest $5 million next year to increase its production capacity. The announcement was made during the launch of Super King, a at the Expo. The company, which currently has a production capacity of 40,000 e-rickshaws annually has recently bagged an order for 500 e-rickshaw’s from Essel Infratech. It was also the first domestic company to export e-rickshaws to Africa – 250 vehicles that were gifted by the Centre to the Senegal Government.

Zafar Equbal, CEO, GEM said, “Since our foray into e-rickshaw space, GEM has emerged has the leader in the sector and our products are available through our 150 dealers across the country. We are adding an additional 200 dealers in the coming year.”

Union Road Transport and Highways Minister Nitin Gadkari on Friday said that Indian e-rickshaw manufacturers should produce quality products which offer improved longevity. Speaking at the inaugural session of “Electric Vehicles Expo 2018”, he also said that the government would take action against the producers who do not pay attention to quality standards. “I urge electric vehicle entrepreneurs making e-rickshaws not to take shortcuts, and make quality vehicles. Sub-standard vehicles will give bad name to the industry and inconvenience the users,” the Minister said. “With big auto makers also coming into e-vehicle industry, only quality products will survive.”