Andhra Pradesh

State Bank offers loan to buy electric scooter

AVERA CEO A. Venkata Ramana having a word with an SBI official in Vijayawada on Thursday.

AVERA CEO A. Venkata Ramana having a word with an SBI official in Vijayawada on Thursday.   | Photo Credit: V. RAJU

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The vehicle can reach a speed of 90 kmph and covers 140 km with a single charge

Even as the country is making all-out efforts for effective implementation of electric mobility, a sure-fire answer to many existing problems, a city-based indigenous firm ‘AVERA Energy’ is showing the path.

A vertically integrated manufacturer in pure electric vehicles and energy retailer startup, AVERA’s Retrosa, a high-speed electric scooter, has received a shot in the arm with the State Bank of India (SBI) coming forward to sanction loans to prospective buyers.

Launched by a team of young entrepreneurs in Andhra Pradesh, AVERA aims at becoming a globally recognised producer of economical, greener and energy-efficient vehicles. The firm not only builds these electric vehicles but also operates the entire electric vehicle supply chain, from batteries to the vehicles.

“The vehicle is small and very trendy and is sure to attract young customers. The ride is very comfortable and the vehicle is cost-effective,” said Arun Kumar Sahu, Deputy General Manager, SBI.

To experience the ride, Mr. Sahu went around in the vehicle and said when he returned that the ride was very comfortable. “These scooters are eco-friendly and economical as the price factor has been kept within the reach of the common man,” said A. Venkata Ramana, CEO of the company.

It runs at a speed of 90 kmph with a single charge of 140 km, informed Mr. Ramana, adding that the key component, battery is manufactured at the AVERA factory at Nunna, using lithium iron phosphate, the most advanced battery cells.

After its successful launch in the home state, AVERA plans to expand operations in Telangana and Karnataka also.

SBI officials Nagendra Kumar, K. Kiran, Vasantha Kumari, M. Murali Krishna, T. Srinivas, AVERA COO Chandini Chandana and others were present.

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Printable version | Dec 16, 2019 10:21:21 AM | https://www.thehindu.com/news/national/andhra-pradesh/sbi-offers-loans-to-buy-electric-scooter/article30040607.ece

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