The company currently has a manufacturing unit in Jaipur, Rajasthan with a production capacity of 50,000 vehicles per year, which can be expanded to deploy 100,000 units each year. HOP Electric plans to set up a second manufacturing plant, bringing total capacity to 500,000 units per year by 2023. The company is seeking to mobilize resources to finance its expansion plans.
“We are targeting the commuter segment with our products,” said Ketan Mehta, Founder and CEO of HOP Electric Mobility. “Currently, most electric two-wheelers cost over Rs 1 lakh. We are looking to gain volumes in the mass market by offering affordable scooters and motorcycles, with longer range and higher speeds. ”
HOP Electric offers two electric scooters – HOP LEO and HOP LYF – in the local market. The products offer a range of 70 to 120 km and sell for between Rs 72,000 and Rs 95,000, depending on the status of the sale. A third product, an OXO electric motorcycle, is expected to launch next month.
To boost volumes, the company plans to launch 10 new products over the next three years.
HOP Electric, which began selling earlier this fiscal year, reports sales of around 1,000 units each month. Mehta expects monthly volumes to reach 4,000 units by March / April 2022. The company plans to sell at least 50,000 units in 2022.
To increase reach, HOP Electric plans to have 100 dealerships in place by the end of the current fiscal year. Overall, the plan is to expand the footprint across India over the next 2-3 years. The company has around 50 points of sale in nine states, mainly in the south of the country.
“The potential for electrification in the two-wheeler and three-wheeler segments is enormous. If current policies continue, all two-wheelers sold in the local market will likely become electric by 2030, ”Mehta said.
HOP Electric also plans to set up a battery exchange and recharging network across the country by the end of 2023. Its pilot network with five exchange stations and 50 batteries has already started operating in Jaipur, and the brand now plans to expand further into other cities and states.