Kinetic Green looks to sell 1 lakh units of e-Luna, eyes Rs 1,200 cr turnover next fiscal

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New Delhi, Feb 7 (PTI) Kinetic Green looks to sell more than 1 lakh units of the electric version of Luna in the next financial year as it aims for a turnover of Rs 1,200 crore, according to a company official.

The company on Wednesday unveiled the E-Luna in the domestic market and expects around Rs 800 crore revenue from the Luna segment alone next fiscal.

The Pune-based company currently has a turnover of around Rs 350 crore.

"We are targeting to sell 1 lakh units of E-Luna next fiscal as we expect the company turnover to touch Rs 1,200 crore next year," Kinetic Green Founder and CEO Sulajja Firodia Motwani told PTI.

Following a strong response from B2B customers and e-commerce players, the company expects to sell 50,000 units to these customers, Motwani said.

The company plans to invest Rs 100 crore over the next 12-15 months on brand building and marketing of the brand, she noted.

Motwani noted that the company would expand the E-Luna platform going ahead to cater to multiple segments.

"Our focus would however remain on the scooter vertical. We do not have any plans to get into the motorcycle segment," she added.

On the policy side, Motwani expressed hope that the government would extend the FAME scheme to push the adoption of the electric two-wheeler segment in the country.

"Today, electric vehicles have reached only a 5 to 6 per cent penetration in the automobile market and two of the key reasons for this are that most of today's electric vehicle options are expensive making them unaffordable for a vast majority," she noted.

This is where E-Luna emerges with a price starting at an introductory ex-showroom price of Rs 69,990, she added.

The E-Luna with a 2 kWh lithium-ion battery comes with a range of 110 km on a single charge.

Unveiling the model, Union Minister Nitin Gadkari said that the electric revolution in the automotive industry is gaining momentum.

"What catches my attention about the E-Luna is not merely the fact of it reducing carbon footprint, but along with Tier 1 cities, the E-Luna is also aimed at providing e-mobility for Tier 2, Tier 3 cities and rural areas of India. This is where the real Bharat is! " he stated.

It is a vehicle that encourages geographical inclusivity, Gadkari said.

This is the inclusivity that will see Bharat grow, expand and become a leading economic superpower in the world, he added. PTI MSS MR

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