New Delhi-headquartered electric vehicle manufacturer Saera Electric Auto is looking to attain revenue of Rs 320 crore in FY2023, which is 2X growth compared to Rs 152 crore revenue last year.
The company says it already crossed the Rs 182 crore revenue mark in the first two quarters of the current fiscal.
Saera Electric claims it was the first company to introduce an e-rickshaw in India with its brand Mayuri, which is the first to receive a vehicle approval certificate ICAT from the International Center for Automobile Technology. It also manufactures low-speed e-scooters under the Yogo Bikes brand.
The company was in the news recently after it acquired Harley-Davidson plant in Bawal (Haryana), where it can manufacture 2 lakh two-wheelers and 36,000 units of electric three-wheelers annually.
In addition, it has also invested in a new Plant in Kosi, Uttar Pradesh, which once fully operational will have an annual capacity of 24,000 units.
With these 3 plants, it will have the capacity to produce 2,24,000 electric two-wheelers and 36,000 electric three-wheelers per annum.
The company has also started a new unit in Bhiwadi, Rajasthan for manufacturing electric two-wheeler chassis and frames, having a production capacity of 75000 units to support various OEM two-wheeler manufacturers in the country.
“When planning is followed by perfect execution, decisions accrue results. After two years of a volatile market, the automobile industry is re-experiencing the sunny days, and electric vehicles are the main drivers of this much-awaited growth,” said, Nitin Kapoor, MD, Saera Electric.
“We have also signed a Contract Manufacturing Agreement with LML Electric, and under this agreement, SEAPL will manufacture vehicles for LML Electric’s upcoming electric two-wheelers. We expect production to start early next year,” added Kapoor.
The primary operation of Saera is assembling and manufacturing cleaner and greener electric L3 category vehicles (e-rickshaw and e-cart loader) and low-speed electric two-wheelers.
