Altigreen Plans To Introduce New Models And Enter Global Markets

Leading and renowned commercial-grade electric vehicle manufacturer, Altigreen is planning to raise up to Rs.1,000 crore within a span of one year in order to introduce newer models and expand its manufacturing operations in both the domestic and international markets according to a recent report. 

As for the brand Altigreen, a Bangalore-based electric vehicle manufacturer that has been introducing e-vehicles in order to help enhance EV adoption and attain decarbonization goals, has already raised Rs.300 crore from various leading entities including globally renowned Reliance. 

Recently, Amitabh Saran, the Founder and CEO of Altigreen mentioned to PTI that the company would like to establish its strong presence across India, especially in Tier II and Tier III towns.     

“Currently in the electric space, there are no players with a national presence. There are only niche players with a presence in specific regions,” said Saran explaining its goals to have a national presence.

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He further added that the company has already figured out critical issues involving supply chain and production capacity to attain the goal of creating a pan-India network and international presence. 

The brand has already established a production capacity of around 4,500 units a month and is now targeting the sales infrastructure and dealership and service network. It is believed that around 40-plus dealerships are to be established across the country by the end of this fiscal. 

Furthermore, with regard to what are the plans of the brand and its funding ambitions, Saran stated that "We are in the process of raising more funds…. if the brand enters the commercial four-wheeler segment, we are already working towards that.... then the requirement is much larger but probably to the tune of Rs 800 crore -1,000 crore.”

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“In 2023 we plan to be in the first geography outside India. When we created the vehicle (electric cargo vehicle neEV) we created knowing that we will be selling in India and emerging markets like South Asia, Africa, and South America. We are already getting inquiries from these regions,” he added.

“Using the experience gained over the past few years, Altigreen plans to introduce new models specifically the passenger version of the neEV in the first quarter of 2023 and strongly believes that the three-wheels have not been exploited enough in the country. There is a difference between three wheels and three-wheeler..three wheels can be used in a multitude of applications in so many ways,” Saran said.

He also added that Altigreen is also one of the brands that have been growing and developing due to the government policies that have been helping the EV sector. 

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