Srivaru Motors launches Prana 2.0 electric two-wheeler motorcycle in Chennai
Tamil Nadu accounts for more than 40% of the country’s electric vehicle demand, positioning us in a rapidly expanding market. We are operating in a dramatic growth market.
Electric Bike (Photo: Srivaru Motors)
CHENNAI: Srivaru Holding Limited, a company listed on Nasdaq under the ticker “SVMH” today launched Prana 2.0 a Premium all-electric performance two-wheeler motorcycle in Chennai, marking a pivotal moment in the evolution of urban mobility solutions. Prana 2.0 pricing starts at Rs 2,55,150. Srivaru Motors has assessed the Indian market and engaged with the youth of India to introduce an exceptional electric motorcycle, Prana 2.0.
The growth is backed by the economic expansion and aspiration for quality also called premiumization. At the launch, Mohanraj Ramasamy, Founder and CEO of Srivaru Motors, unveiled electric bike. He said, “I am thrilled to announce the launch of our latest Prana 2.0 in Chennai, the Automotive Hub of India.
Tamil Nadu accounts for more than 40% of the country’s electric vehicle demand, positioning us in a rapidly expanding market. We are operating in a dramatic growth market. In 2023, India’s motorcycle market achieved revenues exceeding $25.6 billion, with projections indicating growth to $36.1 billion by 2027. By 2030, it is anticipated that electric motorcycles will account for approximately 50% of the market share, a significant increase from the current 3% share of electric two-wheelers in India.
This signifies a tremendous opportunity for growth. The Indian government has outlined its ambition to transform the nation into a developed country by the year 2047. Given the lack of natural oil resources and the ongoing public concern regarding environmental pollution, the government acknowledges that alternative energy sources are crucial for ensuring sustainable economic growth.
Consequently, there is a significant emphasis on the transition to Electric Vehicles (EVs). The EV sector is expected to be instrumental in India’s shift towards a low-carbon economy.”
He added, “Our inaugural facility center commenced operations in Coimbatore in 2017. The latest iteration of our electric bike, Prana 2.0, has undergone nearly two years of testing and now features over 100 new components compared to its predecessor. We are introducing a product to the market that stands out for its advanced technology and innovative features.
The product innovations revolve around to produce premium user experience, ride safety, ease of serviceability. Prana 2.0 is available as a go-to-market-ready product. Our manufacturing facility is equipped to produces more than 2,000 units each month on a single production line during one shift. With our advanced automated assembly and testing lines, we can swiftly scale up production to meet increasing market demand.”
“We intend to allocate a substantial amount towards our research and development efforts over the next three years. Srivaru Motors is dedicated to developing its own eco-cycle and aims to take a prominent leadership position in India’s EV industry. We are working with innovative entities such as iVP Semiconductor to build necessary electronics with Prana and subsequent products. These strategic steps are aimed to create complete eco-system propelling the expansion of the EV adaptation and Indian innovation.”
Padma Shri Dr. Mylswamy Annadurai (Moon Man of India), Vice President – TN State Council for Science & Technology participated in the event, which was also attended by Weng Kiat (Adron) Leow, Chief Financial Officer, Felix Friedrich Heinimann, Chief Marketing Officer, Yuvaraj Sankar, Director of Engineering, Selvaraj Krishnan, Board of Director and Chellappan Ramasamy, Director, along with staff and distributors from multiple cities.
