Kinetic Green Launches E-Luna At Rs 69,990, Aims For SE Asia By Dec 2024

- Advertisement -
- Advertisement -

The Group anticipates that robust domestic sales of Luna will contribute an additional Rs 1,200 crore, aiming for a group turnover of Rs 2,000 crore by the end of FY25, up from the current turnover of approximately Rs 1,000 crore.

The Kinetic Luna, a moped that became a cultural icon in the 1970s and 80s, has been revived in a new electric form. Shortly after opening bookings for the e-Luna, Kinetic Green Energy and Power Solutions introduced the model, with the X1 trim priced at Rs 69,990 and the X2 trim at Rs 74,990 (both prices are ex-showroom Delhi and are introductory offers).

Kinetic Green Founder and CEO Sulajja Firodia Motwani expressed that the e-Luna is poised to leverage the legendary status of the Luna brand, which carries a wealth of nostalgia and positive sentiment.

- Advertisement -

Motwani highlighted that the e-Luna stands out as a distinct and innovative product, offering remarkable value at a competitive price, making it as impactful as the brand itself. She believes that the product has arrived at the perfect time. Additionally, Motwani mentioned that the e-Luna has already seen significant interest, with around 50,000 units booked by B2B customers and another 30,000 inquiries from B2C customers.

Amid the surge in the e-commerce sector and the increasing demand for gig workers for last-mile delivery in developing markets, Kinetic Green is eyeing international expansion with the upcoming electric version of its Luna moped. The company, based in Pune, expressed optimism about the growth prospects of its electric vehicle (EV) business and the expanding revenues of its group companies. It anticipates that the group’s revenues will double to Rs 2,000 crore by the end of 2025. After collaborating with several partners over the past decades, including Honda, Hyosung, and, more recently, AIMA from China, Kinetic has chosen to pursue its EV venture independently.

Kinetic aims to revitalize its presence in the domestic market with the beloved Luna brand, targeting sales of one lakh electric vehicles annually and planning to export to Vietnam, Malaysia, Thailand, and African markets. These markets are currently in the early stages of development, and Kinetic may consider establishing assembly bases there as they mature.

The company is currently raising Rs 250 crore in Series A funding to support its ambitious EV initiatives, though further details have not been disclosed. The final funding announcement is expected in March 2024, coinciding with the full operational status of its new production line in Supa, Maharashtra, which is capable of producing one lakh electric scooters annually.

Kinetic is set to launch a focused marketing campaign for the Luna, aiming to appeal to consumers in the Rs 25–30,000 income bracket in tier 2 and tier 3 markets, offering a monthly cost of ownership of just Rs 2,300. Additionally, Motwani confirmed plans to introduce a step-through bike in the Southeast Asian market by December 2024. Motwani is confident that the electric Luna will help reestablish Kinetic’s prominence in the market, reminiscent of the Kinetic Honda era.

Motwani highlighted the collaborative effort within the group in developing the new Luna, with components such as the chassis, gearbox, motors, and controller cluster converter being produced by various Kinetic divisions. This demonstrates the group’s strength and resurgence following a restructuring phase.

With plans to invest Rs 100 crore in Luna over the next year, Kinetic aims to expand its dealership network from the current 300-350 to 500 by September and then to 1,000 within the next two years. Kinetic Green is also planning to set up a new manufacturing plant, launch new electric two-wheelers, and reach a production milestone of one million units over the next five years.

 

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Exclusive

Six Steps To Building Better Business Assets

0
In the journey of asset-building, solving good problems trumps battling bad ones. Dive into six essential steps for building and leveraging effective assets—the game-changer...

India’s Solar Capacity Installation Down By 44.1%, Delayed Projects To Add To 2024 Installations

0
Large-scale solar installations saw a notable decline of 50.8% YoY to 5.8 GW from 11.7 GW in 2022, constituting 77.2% of the annual capacity...

Infineon Technologies Sells Manufacturing Sites To ASE

0
This strategic move aims to balance in-house and external manufacturing for profitable growth, leveraging mutual synergies between the companies to drive industry growth and...

Buzz

Bajaj Auto And Magna Increase Their Ownership In Yulu

0
Returning investors Bajaj Auto and Magna have invested $19.25 million in shared electric mobility company Yulu as part of a Series B round of...

BIWIN And Lenovo Collaborate To Launch SSDs In India

0
Lenovo SSDs deliver high-performance storage solutions catering to both consumer and business needs. BIWIN has partnered with Lenovo to introduce the latest Lenovo-branded SSDs in...

IIT Guwahati And Edurade Launch India’s Largest Remote Pilot Training Program

0
This first-of-its-kind training program is specifically designed for Junior Commissioned Officers (JCOs) and other officers, aiming to modernise the operations of the armed forces.  The...

Important Sectors

India’s Solar Capacity Installation Down By 44.1%, Delayed Projects To Add To 2024 Installations

0
Large-scale solar installations saw a notable decline of 50.8% YoY to 5.8 GW from 11.7 GW in 2022, constituting 77.2% of the annual capacity...

Bajaj Auto And Magna Increase Their Ownership In Yulu

0
Returning investors Bajaj Auto and Magna have invested $19.25 million in shared electric mobility company Yulu as part of a Series B round of...

IIT Guwahati And Edurade Launch India’s Largest Remote Pilot Training Program

0
This first-of-its-kind training program is specifically designed for Junior Commissioned Officers (JCOs) and other officers, aiming to modernise the operations of the armed forces.  The...

Servotech Secures Order For 1500 DC Fast EV Chargers From HPCL And OEMs

0
Servotech Power Systems Ltd. secures a significant order for 1500 DC fast EV chargers from HPCL and other OEMs, valued at 102 crores, to...

CIL Announces 3GW Solar Projects, Aims For 5GW RE Addition

0
CIL is laying the groundwork for its 5 GW renewable energy goal. Coal India Limited (CIL) has announced its plans to set up 3 gigawatts...

Manufacturing

Applied Ventures Funds VVDN Technologies

0
The investment demonstrates Applied Ventures' dedication to promoting innovation, collaboration, and entrepreneurship within the semiconductor and electronics manufacturing sectors. Applied Ventures, LLC, the venture capital...

Haryana EV-CO To Manufacture L3, L5 EVs At New Plant

0
The EV maker is self-funded and operates a modern manufacturing facility with cutting-edge technology and equipment. It specializes in producing two and three-wheelers, with...
Sona Comstar

Sona Comstar: First Indian Auto Supplier With PLI Certification

0
Sona Comstar, a leading EV traction motor manufacturer in India, receives PLI certification for its electric two-wheeler traction motor. Sona BLW Precision Forgings, commonly known...

Indian Manufacturers To Get Chinese Mobile Production Orders

0
Dixon has secured an order from Oppo for making phones, with an order size of around 5-6 lakh units per month.  Chinese firms have finally...

VinFast To Begin Construction Of TN Factory On Feb 25

0
The collaboration between VinFast and the Tamil Nadu Government commenced with the signing of a Memorandum of Understanding (MoU) on January 6, 2024. This...