Surging demand for E2W see strong sales; More electric two-wheelers sold in 3 quarters 2021 than all of 2020.
Confidence in economy bring slew of new retail outlets; aiming for 25 cities.
Unlocked green financing for its E2W at low-interest cost by tying up with NBFC.
Benling India Energy & Technology Limited, a company manufacturing electric two wheelers logged a stunning 53.73 percent year-on-year growth in the first three quarters of fiscal 2022, with sales clocking around 42,000 units. Despite the second wave of Covid-19 weighing heavy on the automotive industry, the company sold 30,000 units in the pandemic-impacted period (FY 2020). The business grew to Rs. 96 crores for the first three quarters ended FY 2021-22 from Rs. 45 crores for the year-ago period FY 2020-21. The company achieved a sales turnover of Rs 116 crores in FY 2020-21.
Mr. Amit Kumar, CEO and ED, Benling India with range of High and Low Speed e-scooters
Benling India has also drawn its plans to scale up to nearly 50 more cities in coming months and is eventually aiming for up to 300 cities for showroom activity. Benling India is strengthening its footprints across PAN India. It started off 2022 with a brand-new EV showroom at UP (Bijnor, Ghaziabad) and quickly expanded to Delhi, Haryana (Rewari), Bengaluru (Karnataka), Kerala (Parappanangadi) in recent weeks. The company has already tied up with around 210 dealer partners across the country in three years of its operations.
Mr. Amit Kumar, ED & CEO, Benling India said, “Benling has been an aspirational pure electric brand globally with strong presence in 84 countries. The Indian subsidiary, Benling India Energy & Technology Limited has been set up with an intent to make India as a distribution hub to cover Asian Region. India is one the largest two-wheeler markets in the world and so far, have remained untapped with a significant demand for EV products. The brand sees this is an appropriate time to expand beyond the metros and penetrate in Tier 2, 3 cities to meet the increased demand and keep the momentum going. Affordability is Benling India’s central focus in asserting its position in the market.
Benling India has invested about Rs. 90 crore in the business, which has been used in building the production facility and developing products. In the next three years the company will be investing another Rs. 110 crore for revamping the production facility and increasing the installed capacity. Also, through this expansion and investment strategy, the company will create more than 500 jobs over the next three years.
Benling India manufactures electric two wheelers at Manesar, Haryana since 2018 in technical collaboration with Japan’s Zhushi Clubs Limited. The company offers a wide range of colour options and provides its customer 3 years of warranty on battery. With 100% localisation in manufacturing, its high-speed models are all ARAI/ICAT certified. The company has unlocked low-interest cost financing for its E2W by tying up with renowned NBFCs and fintech players that are operating in the green financing space.
Commenting on its recent financing tie-up, Mr. Amit Kumar, ED & CEO, Benling India, “India’s electric vehicle market could be worth USD 206 billion in ten years if the country expects to achieve its 2030 electric vehicle (EV) ambitions. This potential boom in the market calls for an increasing need for financing as the market is going to be worth USD 60-70 billion in the next 10 years.“
Benling India continue to remain extremely bullish on the long-term prospects of the business and will continue to invest and innovate in bringing richer and more experiential models for customers. With a tilt towards personal mobility and the economy returning stronger, along with people keen to get on with their lives is fuelling the demand.
The company sells high speed model (Aura) & low speed models (Falcon, Kriti) which are available for test ride and purchase at all its retail outlets. The base model, Kriti is priced at INR 68,000 (ex-showroom) whereas Falcon is priced at INR 72,000 (ex-showroom) and the High-speed Aura is available at INR 82,975 (ex-showroom). The new retail outlets provide unique ownership experience along with complete service and support for the owners.