Kinetic Green will launch a passenger electric three-wheeler in the L5 (medium speed) segment in the fourth quarter of this fiscal and an electric family scooter by the end of this fiscal.
Led by Sulajja Firodia Motwani, a third-generation Firodia entrepreneur of Kinetic Group, the EV maker is looking at a turnover of ₹10,000 crore in five years, with a nine-to-10-per-cent market share.
Kinetic Green has sold over 100,000 EVs cumulatively, generating sales of over ₹1,000 crore.
It recently secured $25 million Series A funding from global private equity firm Greater Pacific Capital.
The electric three-wheeler segment is the fastest-growing segment in the EV space. It recorded the highest monthly sales of 63,630 units in July. In August, the segment sold 60,714 units, up 7 per cent on an annual basis.
Recently, transport minister Nitin Gadkari said EVs no longer need to be subsidised. Motwani iterated that “Kinetic Green’s business is not built on subsidies. The electric three-wheeler business will not be impacted by the withdrawal of subsidies”.
Kinetic Green started operations in 2016 with low-speed three-wheelers on the L3 platform. It expanded its manufacturing to L5 platform that has a one-tonne payload.
“Our cargo applications have a carrying space for 150-170 cubic feet,” said Motwani.
The company will soon launch passenger e-three-wheelers in the L5 category which it will sell directly to customers.
Presently the company has four products in electric three-wheelers that are offered with Lithium-Ion and Lead Acid batteries.
It also has three e-scooters and the e-Luna, which is the electric version of Kinetic Group’s legacy vehicle, Luna. The company also showcased charging solution that will charge its cargo vehicles in 15 minutes.
The company has a manufacturing facility in Supa, Maharashtra spread over 42 acres with a capacity of 10 lakh units per annum for two-wheelers and one lakh units capacity per annum for three-wheelers.
Debasish Mitra, who heads the three-wheeler business, said: “The company is aiming for a volume of 150,000 units per annum in 2030 with a projected annual turnover of ₹3,400 crore in the same period. Its volume in 2024-25 stands at 15,000 units with a turnover of ₹250 crore.”
