In this highly growing EV economy in India, there is still a category of electric vehicles upon which no or very few contenders are interested which is, electric 3 wheelers. But realizing the potential of this vehicle Ampere vehicles has acquired the stakes of a three-wheeler manufacturing company to expand their manufacturing domain in electric 3-W. For those who may not know, Ampere vehicle LTD is an electric two-wheeler manufacturing company, who made iconic e-scooters like Magnus and Magnus pro. This company is based in the southern India region, and this time they have plans to expand their manufacturing domain for electric 3 wheelers.
MLR auto is a Tamil Nadu-based 3 wheeler manufacturer. Now Ampere vehicles ltd. acquired 26% stakes of MLR to develop in-house L5 category (EV with top speed limited till 25km/h and fitted with 2.5kW motor) electric 3 wheelers to expand their product line to reach a huge number of customers. 26% stakes of MLR auto. worth 18.81 crores, this amount will definitely help boost their product line and manufacture more and more quality electric vehicles.
However, this strategic move comes shows positive results only, as recently Ampere vehicles have sold over 100 thousand (100,000) EVs in 400 towns, and now as Ampere has made their brand value this is the best time to expand their domain over electric 3 wheeler. As further they have announced that an investment of over 700 crores will be made to achieve another milestone of manufacturing more than a million electric 2 wheelers, all these news and facts point towards and positive growth of the company.
Mr. BVR Subbu the chairman of Ampere vehicle ltd has stated in one of his interview that “The demand of electric 3-W will be going to sky rocket in the near future and till the end of 2024 almost every 3-wheeler running on the Indian roads are going to convert in electric” and to cater the market with quality electric 3-Wheelers Ampere vehicles has acquired 26% stakes of MLR auto so that they can manufacture in-house technology for electric 3-Wheelers. Both the parties i.e. chairman of both Ampere and MLR auto are satisfies and expect and very positive response out of this deal.
Summary:
Ampere vehicle ltd has captured the market share of 26% worth 18.81 crores to manufacture the in-house electric 3-wheeler technology. So that Ampere vehicle can capture the market cap of electric 3-wheeler with their quality products.