Ahmedabad, Sep 23: Ultra Motor Company, UK-based global electric vehicle company, on Tuesday, Sep 23 announced its plan to invest Rs 150 crore in India over the next three years and launch new products, including hybrid electric three wheelers.
Ultra Motor Managing Director Ganesh Mahalingam, after the launch Company's new product ''Marathon'', a electric scooter with an extra range of 100 kms per charge, said the Company plans to launch three more new models in both high speed and high range category by the end of this fiscal. Mr Mahalingam said rising fuel prices and climate change, triggered by high level of pollution, has helped environment friendly electric vehicles to grow and achieve a market share of 20 per cent in two wheeler segment. With aggressive dealer expansion and marketing efforts in the last financial year the Company had already touched the figure of 22,000 Ultra Powered Electric two wheelers across the country, he said.
The rising fuel prices has helped the electric vehicles as the running costs of an electric two wheeler is one tenth of a conventional petrol driver scooter, Mr Mahalingam said.
He said ''Marathon'', priced at Rs 32,155, primarily targets above 24-year-old, who ride a petrol scooter looking at economy and utility. It comes with a 250 watt motor and a powerful 48V SLA battery that helps it move at a speed of 25 km per hour, delivering a high range of 100 kms at the same time, he said.
Gujarat is an important market and offers a huge potential for electric two wheelers and Ultra Motor has got a good response from the state as it has contributed 25 per cent towards all India sales in financial year 2008, he added.