Altigreen Propulsion Labs has ended 2021 on a high, bagging an order worth INR 75 crore to deliver 1,500+ small commercial electric vehicles for last mile deliveries from MoEVing. In a press statement, the company said it will begin deliveries in Q1 FY23.
Dr Amitabh Saran, CEO, Altigreen said 2021 has been a defining year for the commercial EV segment. The rising awareness, consumer consciousness, and policy support are creating a conducive ecosystem to ramp up efforts for large-scale EV adoption in the country.
Thanking MoEVing for their continued support and trust in Altigreen, he said their bond has also been strengthened by their collective commitments towards clean transportation. “To bring the best for our customers with innovation and indigenous technology, our team is constantly working to upgrade our manufacturing capabilities and we are confident of higher volume deliveries from the first quarter of FY23.”
The company is ramping up its capacity from the current 6,000 units per annum to 36,000 units per annum over the next 12 months. The company has been raising funds and upgrading its capabilities to meet growing demands in the market.
The two companies plan to kick-off a major initiative in servicing of electric vehicles. Going forward, MoEVing charging hubs across the country will be authorised service centre locations for Altigreen vehicles. The pilot for the same will kick off in Delhi and Bangalore charging hubs, the company said.
MoEVing, meanwhile, is building a driver-centric platform that provides full-stack technology solutions including delivery, charging, financing and analytics solutions. This would make EV adoption a seamless process, claims the company.
Vikash Mishra, Founder and CEO, MoEVing said, “Our platform’s holistic solutions to accelerate EV adoption, with data being at the centre of our strategy, has us working with leading ecosystem players like Altigreen to ensure that our goal of sustainable mobility and sustainable livelihood for drivers is accomplished.”
Strong Growth Indicators
Altigreen’s first 100 deliveries happened in nine months, while the second 100 took just three months to complete, said Debashis Mitra, VP Sales & Marketing, Altigreen. “By this time next year, we expect to deliver 100 vehicles every day. This comes from mutual trust and relationship and our commitment to our customers on products and after-sales,” he said.
NEEV, the company’s flagship product is making headway in varied applications, from last-mile delivery, mid-mile delivery, grocery delivery, e-commerce in medium and big markets. The FAME-II subsidy, and subsidies offered by some state governments, have narrowed down the gap with fossil fuel products leading to a shift towards EVs faster than expected, Mitra argued.
“Altigreen is planning for a deep penetration in the market by moving from B2B to B2C model and reaching out to many Tier-I and Tier-II cities across India. We are seeing a surge in applications coming in from businesses, pan India, wanting to associate with Altigreen as dealer partners, and we will soon start shortlisting and moving ahead in this direction,” he said.