Jupiter Electric Mobility Targets Rs 100 Cr Revenue from eLCVs

Indore, Mar 3 (PTI) Jupiter Electric Mobility (JEM), the electric vehicle arm of the Jupiter Group, on Monday said it is aiming to achieve Rs 100 crore topline in the first year of operations of its electric light commercial vehicle business as it rolled out its flagship 1.05 ton e-commercial vehicle Tez.

The company, which also announced the launch of its manufacturing facility at Pithampur (Indore) designed to produce 8,000-10,000 vehicles annually, also said it expects to sell 400 such eLCVs in the first year of the launch.

The vehicle is priced at Rs 10.35-lakh (ex-showroom).

"We had the necessary infrastructure in place. So the idea was that we wanted to build a vehicle which would contemplate our existing infrastructure and bring synergies to the business. The idea was always to launch an electric vehicle because the motto of our group is sustainability and all our products are also focussed around sustainability," said Vivek Lohia, Managing Director, Jupiter Group.

Lohia said that the company has made an overall Rs 150 crore investment in the existing business and using existing infrastructure to complement the business.

As part of its national expansion strategy, Jupiter Electric Mobility said it plans for a state-wise rollout of its latest eLCV beginning with key markets such as Bengaluru, Delhi, Hyderabad, Ahmedabad, Mumbai, Kolkata and Chennai, among others, that have shown high EV adoption potential.

The company said through various collaborations, the company is actively developing an integrated EV ecosystem encompassing charging infrastructure, financing solutions, and after-sales support.

These strategic partnerships enhance JEM's operational capabilities, expand its market presence, and accelerate the transition to sustainable mobility, it stated.

"The inauguration of our Pithampur facility marks a defining movement for JEM and India's sustainable mobility future. With advanced manufacturing and technology, we aim to set new EV industry benchmarks while driving economic growth, infrastructure development, and job creation," he said.

With an initial annual capacity of 8,000 to 10,000 e-LCVs, JEM has set its sights on ambitious growth, aiming to significantly ramp up production volumes in the future, he said.

"We are aiming to achieve a revenue of Rs 100 crore in our first year of operations, with a projected year-on-year growth of at least 2X. This growth strategy includes expanding our product portfolio with new variants to meet evolving market demands," Lohia said.