The electric vehicle revolution has begun in India and the first movers are reaping the benefits of laying the groundwork for the EV industry at large. With the newfound push in terms of government policies, electric vehicles are all set to revolutionise last-mile connectivity for passengers and logistics. That's what Dr Amitabh Saran believes, founder of Bengaluru-based Altigreen Propulsion Labs. The company has been working to develop electric three-wheelers for last-mile logistics and has been selling them in different cities across the country.
Also Read: Altigreen Partners With MoEVing To Begin Operation In Delhi-NCR
The Altigreen Neev electric cargo three-wheeler began earlier this year across several cities. The company is now expanding its presence across India
Altigreen has been designing, developing, testing and manufacturing EV drivetrains and three-wheelers completely in-house. It's also working closely with other automakers to further drive the EV revolution. The company is working to expand its presence and product line as the demand for electric three-wheelers is on the rise. The company aim is to build an ecosystem for EVs that's 100 per cent self-sustaining right from components to sales. With pollution levels on the rise and fossil fuel prices skyrocketing every day, the time couldn't have been better for companies Altigreen to step and take charge.
Saran agrees with the same and has been working on developing technologies that allow for sustainable, clean and affordable vehicles. Altigreen was founded in 2013 and the first fully electric three-wheeler was showcased at the 2018 Auto Expo at Pragati Maidan, reveals Saran. Since then, the company worked upon testing, trials and approvals for its three-wheeler, while also establishing robust supply-chain management. This year, the company finally began series production and deliveries of the Neev EV cargo three-wheeler.
At present, the company is operating out of a 35,000 sq.ft. manufacturing facility in Bengaluru. It has an installed capacity of 6,000 vehicles annually. The manufacturer plans to increase the same as demand rises and aims to sell about 1,500 units by the end of the year.
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Altigreen has also expanded its network across markets including Bengaluru, Delhi, Mumbai, Pune, Hyderabad and Chennai. The start-up also partnered with EV fleet operator MoEVing Urban Mobility further expanding its products' presence in the market. The e-commerce boom has also been a great growth driver towards the last-mile delivery business, which further increased during the lockdown period. The pandemic brought a structural shift in how we order and consume products and services, something that has helped the commercial EV ecosystem.
An Indian Brand Equity Foundation (IBEF) report suggests that India's e-commerce sector will reach $99 billion by 2024, growing at a 27 per cent CAGR over 2019-24. Products like grocery and fashion will most likely be the key drivers of this growth. Also benefitting the commercial EV sector and Altigreen's operations are the small businesses as well as start-ups, which are now more conscious than ever about saving costs.
Altigreen's NEEV draaws power from a 11 kWh battery and can cover 125 km with 550 kg payload
"With electric cargo vehicles, the operating cost is negligible for the owner that further helps them increase profits. We try to facilitate that shift from conventional vehicles to electric mobility," adds Saran. Furthermore, the recent central and state government policies are acting as a booster for commercial EV players to push their products. For the end-user in the B2B space, the acquisition has gone down dramatically with the delta between a petrol/CNG or diesel-powered cargo vehicle and an electric not too different anymore. Altigreen is also betting big on the EV battery market and the company aims to supply the same going forward to more players in the future.
