HOP Electric Mobility To Expand EV Manufacturing Capacity, To Invest Rs 100 Crore Over Next Two Years

Jaipur-based HOP Electric Mobility is set to expand its manufacturing capacity for electric vehicles (EV) by investing Rs 100 crore in the next two years, reports Economic Times.

As of now, the company has a production unit in Rajasthan's Jaipur through which it rolls out 50,000 vehicles annually. This plant can be expanded to enhance the manufacturing capacity to 100,000 vehicles every year.

Further, the company plans to establish a second manufacturing unit so that their total production capacity could be taken up to 500,000 vehicles on an yearly basis by 2023.

Currently recording sales of about 1000 units on a monthly basis, the company is considering launching 10 new products in the next three years.

“The potential for electrification in the two-wheeler and three-wheeler segments is huge. If current policies continue, all two-wheelers sold in the local market are likely to go electric by 2030,” HOP Electric Mobility founder-cum-CEO Ketan Mehta was quoted in the ET report as saying.