iVOOMi Energy to Invest Rs 2 billion in EVs

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Pune-based electric vehicle manufacturer and start-up iVOOMi Energy on Monday announced that it is investing Rs 2 billion to set up another new manufacturing facility in Pune, along with the creation of more than 2,000 jobs and expanding its research and development efforts. The company is aiming to roll out more than 200,000 units by the end of the year 2023.

“We feel there is a large scope for development and innovation to be made in the space and iVOOMi Energy is continuously striving to set a benchmark in the industry,” said Ashwin Bhandari, CEO and Co-founder, iVOOMi. “We will focus on more R&D and business expansion to make a significant development by the end of this financial year,” he added. The latest facility will be a fully-integrated electric two-wheeler vehicle plant that will start operating from March 2023, the company said in a statement. According to the firm, this investment will increase the facility’s production capability by 60,000 plus units, taking the production number from 180,000 units a year to 240,000 units a year.

The company enunciated that it is focused on scaling up its in-house research, development, design, and production capabilities for electric vehicle batteries. The company already has a research and development unit in Pune and has a manufacturing capacity of 500 electric two-wheelers electric vehicles a day from its manufacturing facilities in Noida, Pune and Ahmednagar. Furthermore, in order to further amp up the battery’s performance, the company is planning to develop cutting-edge battery modules, swappable batteries, and core battery technology.

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