RattanIndia expands presence in Andhra Pradesh; stock slips 1%

7 Apr 2022 , 12:12 PM

RattanIndia backed Revolt Motors, India’s next gen-mobility is expanding its retail presence in Southern India as it is opening new stores in Nellore, Andhra Pradesh.

After Vizag & Vijaywada, this will be the 3rd retail outlet in the State and the 22nd addition to the existing marketplace in the southern part of India. The company has been robustly expanding across the nation and aims to open 40+ new stores this year.

Andhra Pradesh is the third most EV-friendly state in India supports every aspect of electric mobility and is focused on accelerating the adoption of EVs. The government’s EV policies encourage faster adoption and manufacturing of EVs.

The state government also offers various subsidies for customers such as a 100% road tax exemption for newly-purchased EVs and the state is looking forward to going 100% electric by 2030 in terms of city buses and an investment of a whopping Rs30,000 crore is expected for EV manufacturing.

The RV400 comes with a 3KW (Mid Drive) motor, powered by a 72V, 3.24KWh Lithium-lon battery that can churn out a top speed of 85km/h. RV400 features three riding modes – Eco, Normal, and Sport – each suiting the riding style and needs of the driver.

RattanIndia’s stock was trading 1.18% lower at Rs50.45 as against the previous close of Rs51.05 on NSE. It touched intraday high and low of Rs52.15 and Rs49.55 respectively so far.