A Faridabad-based electric vehicle (EV) company — Omega Seiki Mobility — has unveiled ambitious plans to set up the world’s largest electric three-wheeler manufacturing plant in Karnataka.
For this purpose, the company plans to pump in around $250 million, which is nearly Rs 2,000 crore.
The factory is to be built on 250 acres in three phases and will have a capacity to produce one million electric three-wheelers every year.
According to Omega Seiki Mobility, this mega factory will see production start by the next financial year (after April 2023) and cater to both domestic and international markets.
To raise funds for the plant, the company plans to tap both the debt and equity markets.
Omega Seiki Mobility will make its entire range of electric three-wheelers at the Karnataka plant and they include Rage+ EV, Rage+ Rapid, Rage+ Frost, Rage+ Swap and Rage+ Tipper.
Also, the new facility will be making the electric passenger three-wheeler Stream, which is likely to be introduced soon.
The new factory will be supplemented by its supply chain of powertrains and battery packs, said Omega Seiki.
To achieve high-scale EV output, Omega Seiki has set up a joint venture with South Korean company Jae Sung Tech to manufacture a new range of powertrains.
The company said it is in talks with existing as well as new suppliers for setting up ancillary manufacturing units near the mega factory.
“On World Earth Day, Omega Seiki Mobility is proud to unveil that it will be setting up the world’s largest e-three-wheeler manufacturing facility in Karnataka. The unit will see an investment of $250 million,” the company said in a statement.
The organised electric three-wheeler segment has grown exponentially by over 200 per cent in 2021-22 compared to the previous financial year.
This has helped EV three-wheelers gain a massive 46 per cent of overall three-wheeler volumes, said Uday Narang, founder-chairman, Omega Seiki Mobility.
The company claimed that it currently has an order book of over 50,000 vehicles.
“We believe that adoption of EVs in the last-mile delivery segment and by government bodies will help India to be the first world market to have a ratio of 3:1 in non-electric to electric three-wheelers,” he added.
Narang further said, “We want to be the market leader in the three-wheeler segment, not just in India but globally. And, our mega factory, with a one-million unit capacity, is the first step in this direction.”
“Outside India, we will target the Asean, Africa and the Middle East markets, initially," Narang said.
The company is already exporting its domestically-made e-three-wheelers to these markets. Electric three-wheeler cargo vehicles are the backbone of the Indian last-mile mobility ecosystem.
These vehicles come with affordable transportation solutions and operate throughout the country. They will prove to be an advantage to logistics players at a time when petrol, diesel and CNG prices have hit the roof.
In the recent past, this segment has seen exponential growth, mainly due to e-commerce companies ramping up their last-mile delivery requirements and because of the high fuel prices.
Omega Seiki Mobility, which provides last-mile delivery solutions under the UNOXpress brand, has fleet presence in 20 cities.
So by setting up the proposed world’s largest electric three-wheeler factory in Karnataka, Omega Seiki Mobility is surely a step closer to global leadership.
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