In a significant development from the Cayman Islands and Coimbatore, India, SRIVARU Holding Limited (Nasdaq: SVMH; SVMHW), a leader in premium electric motorcycles, announced it will start accepting paid reservations for its flagship product, the PRANA 2.0, from June 16, 2024. The PRANA 2.0 is not just any electric motorcycle; it’s a performance beast designed to redefine value in the electric vehicle (EV) sector. This announcement is a crucial milestone toward the anticipated broad market adoption of this groundbreaking model. Potential buyers and enthusiasts can make their reservations by visiting SRIVARU’s website starting this Sunday.
The company is also nearing the completion of road testing and safety certifications for the PRANA 2.0. All tests are expected to be wrapped up by the end of June 2024, setting the stage for the start of production and the first shipments of the commercial units.
Mohanraj Ramasamy, the CEO of SRIVARU, expressed optimism about the completion of the testing phase and the transition to full production. He remarked, “We are on the cusp of completing the testing phase and moving into full production, a significant achievement that reaffirms our commitment to delivering innovative and sustainable electric motorcycles.”
Ramasamy highlighted the enthusiastic consumer and expert interest in the PRANA 2.0. He noted the massive potential in the Indian motorcycle market, which is expected to surpass $36 billion by 2027, with the EV segment likely comprising 45-50% of the overall market by 2030. This positions SRIVARU to tap into the burgeoning demand for electric vehicles in one of the fastest-growing markets globally.
The recent completion of a state-of-the-art manufacturing facility equipped with an advanced automated testing line for electric motorcycles was also a topic of pride for Ramasamy. The facility can produce over 2,000 bikes per month in a single shift and line, with each motorcycle taking just 12 minutes from production to testing. This efficiency is expected to boost manufacturing throughput and improve operating margins significantly.
Ramasamy concluded by discussing the facility’s potential for rapid expansion and minimal capital expenditure, which could support an annual production capacity exceeding 50,000 units. He is confident that the initial market response to the earlier Prana 1.0 model and the current capabilities for the PRANA 2.0 will lead to quick market penetration and significant revenue growth, ultimately benefiting the company’s shareholders.
As of the close on June 14, SRIVARU’s stock had seen a significant rise, reflecting the positive investor sentiment surrounding these developments. The stock closed at $0.2275, up 49.18% for the day, though it experienced a slight dip of 7.74% in after-hours trading. The stock’s performance underscores the market’s reaction to SRIVARU’s strategic direction and its potential impact on the electric vehicle landscape.
