iVOOMi Energy announces fresh ₹200 crore investment for EV development

iVOOMi Energy has announced a new investment of ₹200 crore towards research and development for its future electric vehicles. The company has also announced that this fund will also be allocated towards setting up a new manufacturing facility in Pune, Maharashtra.

iVOOMi has informed that it aims to enhance its R&D facility to support the technologies required in the development and manufacturing of its future EVs. The company has previously come up with a production plant in Pune. With the new plant, the company will have overall four manufacturing facilities in the country. The firm has further informed that its latest manufacturing facility will be operational from March 2023 and will be a fully-integrated electric two-wheeler plant.

It further adds that the new plant will also generate local employment, and will provide jobs to more than 2,000 people. With the added manufacturing capability, the company's overall production capacity is said to reach 1.8 lakh to 2.4 lakh units a year. Moreover, it aims to produce over 2 lakh units by the end of FY 2023.

“In line with the government's EV vision, we are constantly working towards creating an EV ecosystem by establishing new R&D and manufacturing units for producing cost-effective products for consumers & focus on futuristic sector demands. We feel there is a large scope for development and innovation to be made in the space and iVOOMi Energy is continuously striving to set a benchmark in the industry. Therefore, we will focus on more R&D and business expansion to make a significant development by the end of this financial year," said Ashwin Bhandari, CEO & Co-Founder, iVOOMi.