EV maker targets 300 percent YoY growth on the back of new products and market expansion as well as three-fold increase in e-scooter sales.
18 May 2021 | 9156 Views | By Autocar Pro News Desk
Despite challenging market conditions, electric vehicle manufacturer Okinawa Autotech is bullish about growth this fiscal. The company, which recorded revenues of Rs 155 crore in a Covid-impacted FY2021, is targeted 300% year-on-year growth – or Rs 465 crore – in FY2022.
This ambitious target, according to the company, will ...
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Despite challenging market conditions, electric vehicle manufacturer Okinawa Autotech is bullish about growth this fiscal. The company, which recorded revenues of Rs 155 crore in a Covid-impacted FY2021, is targeted 300% year-on-year growth – or Rs 465 crore – in FY2022.
This ambitious target, according to the company, will be achieved on the back of a strong product innovation ecosystem, aggressive market expansion and the rising adoption of e-mobility in the country.
In FY2021, Okinawa Autotech sold a total of 30,930 units and is targeting sales of around 100,000 this fiscal. While the Okinawa Praise Pro was its best-selling electric electric scooter, the company also launched the Okinawa Dual, a customisable B2B electric two-wheeler to benefit from the growing demand for ‘services on wheels’ from various business segments and from e-commerce companies for last-mile delivery.
The company says it currently has a strong dealership network across Delhi, Bangalore, Noida, Jharkhand and Assam and plans to expand its retail footprint to other Indian states. Okinawa has inked strategic partnerships with financial institutions and e-commerce companies such as Edelweiss, Credr, Zest Money, Welectric, and Beep Cart.
It is also going ahead with plans to invest Rs 150 crore in FY2022 to both increase its product portfolio and on-ground footprint.
Summing up the company’s performance in FY2021 and the roadmap for FY2022, Jeetender Sharma, MD and founder of Okinawa said, “The past year has been tough for the entire automobile industry. It was indeed a setback for us at Okinawa, as for any other company. Having said that, we are glad that we managed stable growth and continued to make a mark in India's electric vehicle revolution. Okinawa is planning to sell three times the scooters that we sold in 2020. As the ecosystem strengthens further, we are absolutely bullish about our growth prospects in FY2022.”