Yo Speed volts into the Chennai market

With fuel prices soaring, interest in electric two-wheelers is on the increase with a slew of launches in the recent past. Enthused by the market response for its battery-run Yobykes, Electrotherm (India) Ltd launched its flagship model the YoSpeed in Chennai on March 4. Electrotherm, which has a turnover of Rs 730 crore. is structured into three divisions – engineering, steel and electric vehicles.

The company plans to invest Rs 100 crore in its electric vehicle division, Indus Elec Trans due to the strong market response, according to Avinash Bhandari, director-operations. The funds will be utilised for R&D to develop new models and add facilities at the Kutch plant.

With the launch of YoSpeed in Chennai, the product priced at Rs 36,000 is now available nationally. Powered by a 750-W electric motor, it can seat two people and has a top speed of 45kph. According to Bhandari, “a four to six-hour recharge can give the bike a range of 60 to 70km."

The company currently has over 200 dealers across India and in the last two years has sold 50,000 units. With its national presence, it expects to sell over one lakh units in the next financial year. It has also tied up with ICICI Bank and Citibank for vehicle financing to further drive sales.

As for servicing and availability of spares, Bhandari claims that since the technology is developed in-house and 80 percent of the vehicle is indigenised, this would not be a problem. Electrotherm is currently in the process of educating road-side garages and mechanics as well.

In 2006, the company entered into the electric vehicle manufacturing business, investing Rs 60 crore for developing this technology in-house and creating a 280,000 bikes-per-annum capacity at the Kutch plant in Gujarat.