Virtus Motors aims to expand its retail presence in 20 metro cities and 50 mini-metros to create a country-wide service network.
It aims to increase its assembly capacity to 24,000 electric cycles per year, at its new Faridabad-based 12,000 sq. ft. facility, which will also serve as an R&D center for research on manufacturing technologies, new motor tech, advanced batteries, and EV electronics.
The Faridabad-based electric vehicle firm has also reached an equity and debt arrangement with Polyplastics India, a vehicle accessories manufacturing company. The firm intends to introduce new electric cycles and a high-speed electric 2-wheeler in 2023, besides hiring more than 100 people.