EaseMyTrip Enters Electric Bus Manufacturing | New Subsidiary Easy Green Mobility
By Rediff Money Desk, New Delhi Sep 05, 2024 15:41
EaseMyTrip launches Easy Green Mobility, a subsidiary dedicated to manufacturing electric buses. The company plans to invest Rs 200 crore in R&D, product development, and a manufacturing plant, aiming to capitalize on the growing demand for EVs in India.
New Delhi, Sep 5 (PTI) Travel booking platform EasyMyTrip.com on Thursday announced it is venturing into the electric bus manufacturing market through its new subsidiary Easy Green Mobility.
Easy Green Mobility will manufacture EV buses, with YoloBus (another subsidiary of EaseMyTrip) serving as its operating arm.
EaseMyTrip is investing Rs 200 crore for extensive R&D, product development, and setting up a manufacturing plant over a period of 2-3 years.
"The Indian electric bus market is expected to grow at a CAGR of 24 per cent from 2024 to 2030. The establishment of Easy Green Mobility aligns with EaseMyTrip's vision to capture a significant share of the evolving market and capitalise on the growing demand for electric vehicles (EVs) in India," the company stated.
Rikant Pitti, Co-Founder, EaseMyTrip, stressed that a decade from now, the yearly demand for electric buses is expected to grow to 1,25,000 to 1,50,000 units per annum.
The current market dynamics present a significant opportunity to enhance supply and meet the growing demand for electric buses by localizing production and creating a fully 'made-in-India' product, he added.
Sharing about the new entity, Pitti further shared that this move aligns with the company's growth plans to expand the non-air business and will help it establish a strong foothold in the growing EV and e-mobility sector.
Easy Green Mobility will manufacture EV buses, with YoloBus (another subsidiary of EaseMyTrip) serving as its operating arm.
EaseMyTrip is investing Rs 200 crore for extensive R&D, product development, and setting up a manufacturing plant over a period of 2-3 years.
"The Indian electric bus market is expected to grow at a CAGR of 24 per cent from 2024 to 2030. The establishment of Easy Green Mobility aligns with EaseMyTrip's vision to capture a significant share of the evolving market and capitalise on the growing demand for electric vehicles (EVs) in India," the company stated.
Rikant Pitti, Co-Founder, EaseMyTrip, stressed that a decade from now, the yearly demand for electric buses is expected to grow to 1,25,000 to 1,50,000 units per annum.
The current market dynamics present a significant opportunity to enhance supply and meet the growing demand for electric buses by localizing production and creating a fully 'made-in-India' product, he added.
Sharing about the new entity, Pitti further shared that this move aligns with the company's growth plans to expand the non-air business and will help it establish a strong foothold in the growing EV and e-mobility sector.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Srestha Finvest
- 0.93 (+ 4.49)
- 44794022
- Vodafone Idea L
- 9.15 ( -1.82)
- 17806923
- GTL Infrastructure
- 2.34 (+ 3.54)
- 15790397
- Jaiprakash Power Ven
- 22.62 ( -1.18)
- 15757083
- Alstone Textiles
- 0.78 (+ 2.63)
- 14052967
MORE NEWS
OYO Appoints New Leadership Ahead of IPO
OYO has announced five new appointments to its leadership team, including a new COO for...
Navi Mumbai Airport Trial Flight: Airbus C295...
Navi Mumbai International Airport successfully conducted a trial landing with an Airbus...
Jio Financial Services App: Loans, Savings...
Jio Financial Services launches a revamped app offering loans, savings accounts, UPI...