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Automotive Product Finder Magazine | Altigreen enters three-wheeler spac
Altigreen enters three-wheeler spac
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Altigreen, a Bangalore-based startup and manufacturers of powertrains for EVs, has announced of entering electric rickshaw segment.
Motorbikes and three-wheel rickshaws are abundant in the country, and Indian government announced last year that only electric two- and three-wheelers would be allowed by 2025.
Altigreen is among the companies looking to fill this space, as it prepares to hit the market with its debut three-wheeler.
Rather than needing a charging station, Altigreen's three-wheeler can be charged through any ordinary AC power socket in three to four hours, the CEO says.
The vehicle has a higher initial price than non-electric rivals at around 350,000 rupees ($4,700) but the company is confident it will deliver savings to drivers and fleet managers such as logistics companies.
“It is justified on pure economics. Today a three-wheel driver spends 350-400 rupees ($4.70-$5.40) per day on diesel to cover 100 kilometers. To do the same with our electric operation will be about 90 cents — a huge saving for someone who potentially earns $8-9 a day," said Amitabh Saran, CEO, Altigreen.
“We will launch our first fully electric vehicle within next quarter while the name is yet to be decided. A partner company is producing the car's external framework, while Altigreen supplies the internal components including motor, transmission, display system, and telematics that supply data on driving performance to the user's smartphone,” said Saran.
The startup is confident its model is among the fastest, with a top speed of 53 kilometers per hour (33 miles per hour), and offers faster charging, which is a key consideration for Altigreen's target market.
“The company is focused on the bottom end of the market," says Saran.
The company's products are almost entirely made in India, apart from a handful of components. These products are tested for Indian conditions and are designed for the country's unique challenges. Altigreen is also looking to develop two and four-wheel vehicles. The company has a target of producing 10,000 vehicles a month within three years.
Like the rest of the world, India has been impacted by the spread of novel coronavirus. The whole country has been placed under lockdown for a minimum of 21 days in an effort to halt its spread. Saran said, “The launch of Altigreen's electric three-wheeler remains on track. Fleet customers are continuing to ask us for vehicles. But he acknowledges the lockdown could have an impact if it lasts beyond three weeks.
The potential for profit in the sector is huge, but Saran says the company is motivated by another ambition, to help the transition to clean fuel that could save many lives by cutting pollution. "It drives my team knowing the target is greater than any commercial gain," he says.
Electric Rickshaw Segment
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