Coimbatore-based EV startup Boom Motors plans to invest ₹1,000 crore in the next five years to increase its production capacity.
The two-year-old company that was started with an investment of ₹25 crore has the capacity to produce one lakh vehicles a year. It will manufacture nearly 9,000 vehicles a month from April 2022. The plan is to scale up production to one million vehicles a year in three years.
Anirudh Ravi Narayanan, Chief Executive Officer and Co-Founder of Boom Motors, told The Hindu on Tuesday that the plan was to scale up production to nearly a million vehicles a year in three years. That would require an investment of ₹1,000 crore and the company was looking at external investors. Boom has launched two variants of one model of EV two-wheelers and wants to launch two more models next year. Almost 90 % of its supply chain is in Tamil Nadu, he said.
On dealerships, Mr. Narayanan said, “Between us and our partner eBikeGo, we have signed on 60 dealerships so far across 17 States in India. Apart from these, we have received over 3000 dealership enquiries between the two of us collectively and are in the process of selecting dealers to onboard in new areas. By the end of 2022, we hope to have nationwide coverage with 300+ dealerships.”
Most of the dealerships are planned to be opened between January and March next year when sales will commence.
