We expect to reach 5-digit sales figures in FY23 – Altigreen’s Amitabh Saran

Speaking on the Altigreen neEV’s maiden voyage and its plans for India, Amitabh Saran said that the company’s looking to reach 5-digit sales figures in FY23.

amitabh saran

Altigreen’s soon-to-launch electric cargo three-wheeler, the neEV, made its maiden voyage of 150km from Mysore to Bangalore with one full battery charge in 6 hours, and was flagged off by Dr Amitabh Saran, Founder & CEO, Altigreen and Shalendra Gupta, Co-Founder & CFO, Altigreen. Debashis Mitra, Director – Sales, Service & Marketing, Altigreen received the vehicle with a flag in.

The 10-year-old Bangalore-based company has been investing in the R&D of EV technology, and for this particular product – the neEV – the Founder and CEO told Express Mobility, “It has taken us 8 years of engineering, of not just the vehicle and chassis but all the EV components, including motors, MCU, VCU, BMS and battery among others, followed by testing, homologation and series production of the vehicle. There has been an investment of several million dollars during this time.”

When launched later this year, the Altigreen neEV will be offered in 3 variants and is expected to be priced around Rs 4 lakh (ex-showroom) after subsidies. The neEV promises a range of 150km on a full charge and its maiden run was a proof of its capabilities.

Altigreen is looking to take a big sales chunk from the electric three-wheeler market with the neEV, and Amitabh expects, “We expect to reach 5-digit sales figures in FY23.”

The neEV will enter the market at a time when the three-wheeler segment has seen a smart growth, selling 41,508 units in May 2022, compared to 5,215 units in May 2021. The majority of the sales were electric three-wheelers, which accounted for 21,911 units, surpassing ICE vehicles.

With the neEV, Altigreen is looking at exploiting the e-commerce segment, “We have many e-commerce agreements in place, including Amazon and Flipkart. Further, over 20 distinct logistics companies are using our EVs across India for last mile deliveries,” said Saran.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

Most Read In Electric Vehicles