The company has formed a strategic partnership with Exponent Energy to launch its passenger e-3W called ‘OSM Stream City Qik’ priced at INR 3,24,999 (Ex-Showroom). The initial focus will be on metros like Delhi and Bengaluru.
This partnership is for improving battery charging capacity, ability of the battery to power the vehicle over long distances, and to make EV's more affordable, Arun Vinayak, CEO and Co-Founder Exponent Energy, said.
Future plans: Both the companies are aiming for rapidly increasing their revenue for FY25. Exponent Energy aims to 5x their revenue this fiscal. “We earned about INR 20 crore of revenue last year and we are targeting 5 times the revenue this year,” Vinayak said. He added that the company is focusing on electric bus charging technology currently.
Narang told ETAuto that the focus, initially, will be on selling light commercial vehicles (LCVs) in the West Asian countries. In the African market “we are going to enter with e-3Ws,” he said.
The company is also testing its vehicle in Latin America, thus aspiring to strengthen its international game to have 30% revenue for FY25 from exports.
Exponent Energy, which raised USD 26 mn in December 2023, has utilized a major portion of it in the Research and Development (R&D) of the new technologies to provide EV batteries at a more affordable price for its users. Vinayak added that the company is going to enter Bengaluru, Chennai, Hyderabad, Ahmedabad, Delhi, and Kolkata this year.
OSM whose portfolio includes only commercial vehicles (CVs) currently, is ready to expand into the two-wheeler and four-wheeler market. The company is also simultaneously working on the hydrogen-powered vehicles which it will be bringing out by September 2025, Narang said.
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