India-based Electric One has signed a Memorandum of Understanding with the legendary cricketer Arjuna Ranatunga to enter the Sri Lankan 2-Wheeler market through a newly formed joint venture company Electric One Lanka. The company also plans to start EV assembly in India by the end of December, with battery technology developed through its Gurugram-based partner iPower
The JV targets to set up over 50 retail outlets across Sri Lanka in the next five years. It will invest about $5 million over the next three years, starting with retail and distribution in the first phase, followed by local assembly and manufacturing in the country in the second phase.
The company’s aggressive plans are part of its strategy to capitalize on the tremendous growth potential for electric two-wheelers in India and Sri Lanka. “Electric scooter sales in India have almost doubled every year. In 2020, 2.5 lakh electric scooters were sold in our country. The sales jumped to 5 lakhs in 2021, 7 lakhs in 2022, and are expected to touch 25 lahks in the next one-and-a-half year,” said Amit Das, founder and CEO of Electric One Mobility.
Arjuna Ranatunga, a former Sri Lankan cricketer and a former Minister of Transport and Civil Aviation, Govt. of Sri Lanka, has been involved in solar and mini hydro projects for the last few years. “In the last couple of years people struggled with a fuel shortage and economic crisis back in my country [Sri Lanka], for which I decided to enter the electric vehicle segment,” he said.
Dhiraj Tripathi, co-founder and COO, said, Electric One also plans to expand into markets of Africa and the Middle East apart from South Asia.
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