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Chennai (Tamil Nadu) [India], August 23: SRIVARU Holding Limited (Nasdaq: SVMH;) ("SRIVARU" or the "Company") a company listed on Nasdaq under the ticker "SVMH" today launched PRANA 2.0 a Premium all-electric performance two-wheeler motorcycle at a major event in Chennai, India, marking a pivotal moment in the evolution of urban mobility solutions. PRANA 2.0 pricing starts at Indian Rupees 2,55,150.
Recently, there has been a remarkable surge in the benefit of electric two-wheel vehicles and the interest of young individuals towards acquiring electric motorcycles in India. Srivaru Motors has relentlessly assessed the Indian market and attentively engaged with the youth of India to introduce an exceptional and unparalleled electric motorcycle, PRANA 2.0. The growth is backed by the economic expansion and aspiration for quality also called Premiumization.
During the vehicle launch event, Mohanraj Ramasamy, the Founder and CEO of Srivaru Motors, unveiled the PRANA 2.0 electric bike to the World.
Padma Shri Dr Mylswamy Annadurai (Moon Man of India), Vice President - TN State Council for Science & Technology participated as the Chief Guests in the event. The event was also attended by Weng Kiat (Adron) Leow, Chief Financial Officer, Felix Friedrich Heinimann, Chief Marketing Officer, Yuvaraj Sankar, Director of Engineering, Selvaraj Krishnan, Board of Director and Chellappan Ramasamy, Director, along with staff and distributors from multiple cities.
Mohanraj Ramasamy, Founder and Chief Executive Officer of Srivaru Motors said, "I am thrilled to announce the launch of our latest PRANA 2.0 in Chennai, the Automotive Hub of India. Tamil Nadu accounts for more than 40% of the country's electric vehicle demand, positioning us in a rapidly expanding market. We are operating in a dramatic growth market. In 2023, India's motorcycle market achieved revenues exceeding USD $25.6 billion, with projections indicating growth to USD $36.1 billion by 2027. By 2030, it is anticipated that electric motorcycles will account for approximately 50% of the market share, a significant increase from the current 3% share of electric two-wheelers in India. This signifies a tremendous opportunity for growth. The Indian government has outlined its ambition to transform the nation into a developed country by the year 2047. Given the lack of natural oil resources and the ongoing public concern regarding environmental pollution, the government acknowledges that alternative energy sources are crucial for ensuring sustainable economic growth. Consequently, there is a significant emphasis on the transition to Electric Vehicles (EVs). The EV sector is expected to be instrumental in India's shift towards a low-carbon economy."
Mohanraj Ramasamy added, "Our inaugural facility center commenced operations in Coimbatore in 2017. The latest iteration of our electric bike, PRANA 2.0, has undergone nearly two years of testing and now features over 100 new components compared to its predecessor. We are introducing a product to the market that stands out for its advanced technology and innovative features. The product innovations revolve around to produce premium user experience, ride safety, ease of serviceability. Most importantly, PRANA 2.0 is available as a go-to-market-ready product. Our manufacturing facility is equipped to produces more than 2,000 units each month on a single production line during one shift. With our advanced automated assembly and testing lines, we can swiftly scale up production to meet increasing market demand."
We intend to allocate a substantial amount towards our research and development efforts over the next three years. Srivaru Motors is dedicated to developing its own eco-cycle and aims to take a prominent leadership position in India's EV industry. The design of PRANA is meticulously executed to foster a profound connection between the Rider and the Machine, establishing a bond that is unmatched in the realm of motorcycling. PRANA stands as India's premier motorcycle, distinguished by its exceptional speed within its category as we aim to expand the product innovation. We are working with innovative entities such as iVP Semiconductor to build necessary electronics with PRANA and subsequent products. These strategic steps are aimed to create complete eco-system propelling the expansion of the EV adaptation and Indian innovation.
Yuvaraj Sankar, Director of Engineering, Srivaru Motors Said, "The PRANA 2.0 is an Engineering Marvel in Powertrain Safety, thanks to its thoughtfully engineered and encompassed Motors, Controllers, and Battery Pack. It features remarkable performance achieving a Top Speed of 123 km/h with an impressive range of 250 kms, complemented by user-friendly serviceability and enhances user experience through its refined Suspension System and Vibrant Display. Equipped with a high-performance battery pack consist of 46120 high-energy long life cells and offers four driving modes producing visibly different user ride experiences in terms of vehicle performance, torque, including a reverse mode for convenient parking assistance. The ergonomic design of the seating and driving configuration ensures a comfortable and premium riding experience. PRANA holds multiple granted patents and utilizes the most efficient in-wheel motor featuring a detachable rim, enhancing serviceability and reducing costs. Additionally, the integrated mobile application provides real-time tracking and diagnostic capabilities. The PRANA 2.0 establishes a new benchmark in electric mobility, merging durability on the road with a smooth experience for users."
SRIVARU is the parent company of SRIVARU Motor Private Limited (SVM), a provider of premium electric motorcycles in India. SRIVARU was founded on the realization that while the rider-motorcycle relationship is deep and complex, it is in desperate need of innovation for the next generation of riders. SRIVARU provides affordable premium electric two-wheeled vehicles ("E2W") that provide an exceptional riding experience with redundant 3-channel automated braking, a low center of gravity to improve stability, enhanced safety features, and easy charging compatible with home charging outlets. The company has a broad array of intellectual property, including a patent-pending chassis and drive acceleration system. In addition, SRIVARU offers customers a superior total cost of ownership, compared to traditional internal combustion engine motorcycles and E2W vehicle competitors.
Additional information about the company is available at: www.srivarumotors.com.
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