Come November, India will get its first electric luxury car developed by a home-grown startup — Pravaig Dynamics. The Bengaluru-based, eight-year-old startup claims to have already got confirmed bookings of close to 1,000 units for its debut car.
While pricing and name of the car will be disclosed at the time of launch, the wait period for delivery has shot up to 12-14 months since the vehicle was opened for private sales to select prospective buyers.
Against the compact-looking Extinction Mk1 coupe model it showcased in late 2020, Pravaig has changed the body-type of the ready-for-launch model to sport utility vehicle (SUV).
Siddhartha Bagri, CEO, Pravaig Dynamics said, “The people who have booked the car are getting the special launch price. This price will not be the same at the time of the launch.”
Bagri claims that the electric SUV will be able to run for more than 500 km on a full charge and its top-speed will be ‘north of 200 km per hour’. The startup also claims that the vehicle can be charged up to 80% in 30 minutes.
“The customers who have booked our car are diplomats, cinema artists, politicians and businessmen,” Bagri added.
Pravaig claims that despite a range of features added to the vehicle, it has been able to keep costs under check as it manufactures batteries, which make up half of the cost of the vehicle in-house.
The company will launch the first product in late November and it will offer a lot of technology and features that are not seen anywhere. There will be a lot of indigenisation as far as batteries and suppliers are concerned. A couple of distributors of defence and energy equipment providers to European armed forces source tactical batteries from Pravaig.
While revenues from the battery business and funding from some international investors have helped the company run operations, including the production capacity set up for the debut model, the startup is talking to additional investors for raising funds for future expansion.
“We are in conclusive negotiations with investors for our fundraising but that is for our expansion plans. We plan to have 1 million units per year capacity by 2027, which will require an investment outlay of $4 billion in 4-5 years. We are also discussing with a few state governments for the plant,” Bagri added.
Its current production capacity, situated in Bengaluru, is claimed to be at 2,500 per annum.