Exide Industries is the country’s largest manufacturer of lead acid storage batteries and power storage solutions. The company recently announced its entry into the expanding e-rickshaw market in India by launching its first e-rickshaw model, Exide Neo. The e-rickshaw model will be sold across markets in West Bengal, Uttar Pradesh and the National Capital Region (NCR). Most of the components of Neo, apart from its batteries, are being sourced from China.
Gautam Chatterjee, MD & CEO of Exide Industries, said, “We have been an integral part of the e-rickshaw market since its inception through offerings of robust lead acid batteries. The company’s expensive lithium ion battery manufacturing facility is expected to start production from December in Gujarat.”
Subir Chakraborty, DMD, Exide Industries, added, “The e-rickshaw market, despite its exponential growth, has been plagued by the absence of a large organised sector player which has led to inferior quality. Through our entry into this space, we wish to bring that strength to the market.”
Arun Mittal, Director, Automotive, Exide Industries said, “Having worked with e-rickshaw operators for a long time, we used the experience and knowledge to design the most suitable vehicle for Indian conditions. Features like the rear view camera, LCD instrumentation panel and critical safety enhancement features like ABS roofing and a high quality steel reinforced front panel have been incorporated in Exide Neo. We are targeting 10,000 unit sales in the first year of operations. That should lead to an addition of Rs. 120 crore to our top-line.”