HOP Electric Mobility will spend up to Rs200 crore to increase capacity

6 Sep 2022 , 07:36 AM

HOP Electric Mobility is to spend up to Rs200 crore over the course of the upcoming year on new products, charging infrastructure, and increased production.

The business is also establishing an electric vehicle park at Neemrana in Rajasthan, working with its component suppliers. It unveiled its high-speed electric motorcycle HOP OXO on Monday, with prices starting at Rs1.25 lakh.

The newly acquired funds will be used to establish a charging network for the company’s goods, which will then be made available to other businesses.

The funds will also be utilized to develop new goods, such as converting HOP’s low-speed electric scooters into high-speed models and expanding the EV park to include a new manufacturing facility.

5 lakh units would be able to be produced annually at the new Neemrana factory. By the middle of 2023, the plant’s initial phase is anticipated to be operational.

A manufacturing facility owned by HOP Electric Mobility in Jaipur has a yearly production capacity of 50,000 units.

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