ultraviolette bike, tvs motor, electric motorcycle, ultraviolette automotive, qualcomm, ultraviolette aims to sell 15,000 e-sports bikes
PTI

Actor Rannvijay Singha with Ultraviolette during its launch at the Auto Expo 2023, in Greater Noida.

Electric motorcycle maker Ultraviolette Automotive, which is backed by TVS Motor and Qualcomm, is aiming to sell 15,000 units of the F77 sports bike in the next one year, as it ramps up production to tap into soaring enquiries for its maiden product.

After the first year, the company aims to push up annual sales to about 50,000 units, as deliveries start to export markets such as Europe and North America.

Niraj Rajmohan, cofounder of Bengaluru-based Ultraviolette Automotive, said the company will be “measured” in terms of ramping up production despite having the capacity to produce 100,000 units a year, as supply chain issues persist.

The F77, launched in November last year, has an ex-showroom price of Rs 3.8 lakh for the base model. This would mean the company has a revenue target of around Rs 600 crore at the end of the first year and about Rs 2,500 crore at the end of the second year.

The company claims to have received more than 75,000 enquiries for the motorcycle even before it was launched, of which nearly 15% have been from overseas markets.

“The conversion rate of the enquiries is likely to be higher, thanks to our technology-laden motorcycles with high performance and a superior total cost of operation (TCO),” said Narayan Subramaniam, co-founder and chief executive at Ultraviolette. “This gives us confidence that enquiries and expected orders are likely to converge.”

As per the company’s estimate, the addressable market in India for it is the entire segment of motorcycles that have a sticker price of more than Rs 2 lakh. This will translate into a potential market of around 150,000-200,000 units per month in the country. In the US and the European markets, it sees potential of selling 550,000 and 750,000 units, respectively, every year.

“We are expecting demand to outpace supplies for the next 2-3 years, based on the interest in our product and the value proposition it offers,” said Rajmohan, who is also the chief technology officer. “That is the reason we are expecting the current capacity at the Bengaluru plant to be fully utilised in the next three years.”

According to Rajmohan, the company has already started scouting for land for a new plant. “We are talking to the state governments of Karnataka, Andhra Pradesh, Telangana and Tamil Nadu for a new plant and have started evaluating which state could offer the most suitable capital subsidy,” he said.

Ultraviolette Automotive has so far raised $50 million from investors, and was valued at $300 million after its last funding round of $25 million.

Keyword: Ultraviolette aims to sell 15,000 e-sports bikes

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