Omega Seiki Mobility (OSM) has today announced that the company will be setting up its new electric three-wheeler manufacturing unit in the Indian state of Karnataka with an investment of USD 250 million. The company claims that it will be the world’s largest electric three-wheeler manufacturing facility. It will be built in three phases and is said to have an annual production capacity of 1 million electric three-wheelers.
The company says that it will be raising funding in the form of equity as well as debt to build the OSM Megafactory which will be built over an area of 250 acres. It is slated to commence production by FY 24 and is said to be will be supplemented by its own supply chain of powertrains and battery packs. OSM adds that is in active negotiation with existing as well as new suppliers for setting up ancillary manufacturing facilities in the vicinity of its Megafactory.
Speaking on the OSM Megafactory, Uday Narang, Chairman and Founder, OSM, said “The organised electric three-wheeler market has exponentially grown by a massive 200% in FY22 as against the previous fiscal. This has helped EV 3-wheelers now command a massive 46% of overall three-wheeler volumes. We at OSM believe that the adoption of EVs in the last-mile delivery sector and government bodies will help India become the first market in the world where every 3 EV three-wheeler will be sold for every 1 ICE three-wheeler.”
He further added, “We want to be the market leader in the three-wheeler market, not just in India but the world and the new OSM Megafactory with a capacity of 1 million units is the first step towards this goal.” OSM’s new manufacturing plant will produce its entire range of electric three-wheelers, which include Rage+, Rage+ RapidEV, Rage+ Frost, Rage+ Swap, and Rage+ Tipper. The company is also planning to enter international markets and has already set up JVs in Bangladesh, Egypt, and UAE.
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