New Delhi: UK-based electric vehicle maker Ultra Motor Co. will sell its two-wheelers through the outlets of Reliance Retail Ltd, potentially tapping a network that aims to open thousands of retail outlets in India.
Ultra Motor has already launched seven models of electric cycles and scooters in India in partnership with Hero Cycles Ltd, a subsidiary of Hero Group, parent company of India’s largest manufacturer of motorcycles.
The Ultra-Hero venture is already selling its products in the states of Punjab, Haryana, Rajasthan, Uttar Pradesh and Gujarat and the company says it will have 50 exclusive stores by the end of this month.
“With this agreement, for the first time in India, electrical vehicles will be made available to the public through organized retail outlets,” Ultra Motor’s chief executive Joe Bowman said in a statement.
Ultra Motor’s electric bikes are priced between Rs14,300 and Rs19,500, while the scooters are priced in the range of Rs22,500 and Rs28,000.
Reliance Retail, a unit of conglomerate Reliance Industries Ltd, has an ambitious $6 billion plan to open thousands of grocery stores to hypermarkets throughout the country to tap ballooning consumer spending in the country.
Reliance officials could not be immediately be reached for comment.
Ultra Motor claims compared with petrol-driven vehicles, its electric vehicles run at one-tenth the cost and 30% less maintenance cost.
The total market for electric two-wheelers in India is 200,000 units, which will go up to 490,000 units in the next fiscal, according to Ultra Motor director, marketing, Deba Ghoshal. The company is targeting more than 25% of the market in the next two years.