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Mumbai, Oct 31 (PTI) Diversified firm Jaidka Group-backed Stella Moto on Monday announced its entry into the domestic electric two-wheeler space and said it plans to launch first electric scooter 'Buzz' next month.
The group already has its presence in both the passenger and cargo (L3 category) electric three-wheeler (L3) segments.
The Bengaluru-based Jaidka Group, which has presence in transport, automobile and logistics segments, has two manufacturing units -- at Howrah in West Bengal and at Hosur in Tamil Nadu -- with a cumulative capacity to produce 20,000 vehicles per annum.
With the entry into the two-wheeler industry, Jaidka strengthens and intensifies its hold in the domestic EV space, the company said in a statement.
Stella also said it is looking at rolling out high-speed e-scooters and bikes, the plans for which will be announced in the coming months.
These vehicles will be produced at the Hosur production facility, it added.
"We have spent the last few years developing a strong R&D and technology infrastructure to create EVs. We are now prepared to introduce these vehicles with the best range, among others.
"We've been watching the EV space evolve over the last few years and have identified some gaps, which we intend to fill with our new product offerings," said Gopal K Jaidka, director at Jaidka Group.
The company said it plans to close this fiscal with sales of over 10,000 vehicles, and is looking to ramp up its capacity to 1,00,000 units.
Stella also said that it intends to open retail outlets in key cities and has already appointed 55 authorised dealers, with the target to have 200 in the coming year.
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)
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