However, her company that makes electric two- and three-wheelers is unlikely to acquire any company and will continue to build the business organically. It will, however, look at collaborating and sharing costs with smaller players that do not have the technology wherewithal or network strength, she said. Led by Mahindra & Mahindra, as many as 63,655 electric three-wheelers were retailed in India by over 15 companies in July, up 18.18% from a year earlier, according to the Federation of Automobile Dealers Associations.
As part of its organic growth strategy, the Pune-based firm has set a target to grow the electric three-wheeler volumes ten times — from an estimated 15,000 units in 2024-25 to 150,000 by 2029-30 — over the next five years, seeking to ride on the rapid electrification seen in the segment.
Three-wheelers are likely to account for 30-40% of the Rs10,000 crore turnover the company envisages by the end of the decade, Motwani said.
“India is a unique market where three-wheelers are used for both cargo and people movement to plug the last mile. It has seen the fastest pace of electrification as it makes a lot of commercial sense for the owner and driver. If India has to reach an EV (electric vehicle) penetration of 30% by 2030, the three-wheeler market has to be electrified 70-75% from the current 26%,” she said, adding that it fits with Kinetic’s green vision for the masses.
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