Altigreen bags order of 1500+ commercial EVs worth Rs 75 crore from MoEVing

Commercial EV manufacturer Altigreen has announced that it has bagged an order worth Rs 75 crore to deliver 1,500+ road-ready EVs to MoEVing in 2022. The company is ramping up its manufacturing capabilities to begin deliveries from Q1 of FY23 itself.

MoEVing is India's leading e-mobility technology platform accelerating EV adoption. The Bengaluru-based startup Altigreen has cemented a partnership of trust and commitment with MoEVing owing to its proven track record, indigenous technology, and vision of making Indian roads completely electric and is looking forward to strengthening the relationship in the coming year.

Dr. Amitabh Saran, CEO, Altigreen said, "2021 has been a defining year for the commercial EV segment. The rising awareness, consumer consciousness, and policy support are creating a conducive ecosystem to ramp up efforts for large-scale EV adoption in the country. We want to thank MoEVing for their continued support and trust in us. This bond has also been strengthened by our collective commitments towards clean transportation. To bring the best for our customers with innovation and indigenous technology, our team is constantly working to upgrade our manufacturing capabilities and we are confident of higher volume deliveries from the first quarter of FY23."

He added, "Altigreen is ramping up its capacity from the current 6,000 per annum to 36,000 per annum in the next 12 months. It is in the midst of an exciting journey to raise funds and upgrade capabilities to meet the demands of its valued partners.

MoEVing is building a driver-centric platform that provides full-stack technology solutions including delivery, charging, financing and analytics solutions thereby making EV adoption a seamless process. Along with deploying a large number of vehicles nationally, MoEVing and Altigreen will be kicking off a major initiative solving a key issue in the electric vehicle space, vehicle servicing.

Going forward MoEVing charging hubs across the country will be authorised service centre locations for Altigreen vehicles. The pilot for the same will kick off in Delhi and Bangalore charging hubs.

Commenting on the initiative, Vikash Mishra, Founder and CEO added, "We are excited to partner with Altigreen to deploy their vehicles and explore the conversation around electric vehicle service centres. Our platform's holistic solutions to accelerate EV adoption, with data being at the centre of our strategy, has us working with leading ecosystem players like Altigreen to ensure that our goal of sustainable mobility and sustainable livelihood for drivers is accomplished."

Debashis Mitra, VP Sales & Mktg, Altigreen said, "Our first 100 deliveries happened in 9 months and the second 100 took place in 3 months. By this time next year, we expect to deliver 100 vehicles every day. This comes from mutual trust and relationship and our commitment to our customers on products and after-sales. NEEV, our flagship product is making headway in varied applications from last-mile delivery, mid-mile delivery, grocery delivery, e-commerce in medium and big markets. The FAME-II subsidy, and subsidies offered by some state governments, have narrowed down the gap with fossil fuel products leading to a shift towards EVs faster than expected."

Commenting on Altigreen's future roadmap, he added, "Altigreen is planning for deep penetration in the market by moving from B2B to B2C model and reaching out to many Tier-I and Tier-II cities across India. We are seeing a surge in applications coming in from businesses, pan India, wanting to associate with Altigreen as dealer partners, and we will soon start shortlisting and moving ahead in this direction."

Altigreen design, develops, manufactures and sells electric vehicles of varying configurations and payload capacities, especially created for emerging markets. Their expertise and intellectual property in EV drivetrains enable three-wheeler delivery vans and other EVs to be launched at competitive prices that deliver outstanding performance-tuned to the needs of end-customers.

The founding team at Altigreen has a combined experience of over 110 years in motors, controls, software, manufacturing and finance. The team of 100-plus includes engineers from various global auto majors, specialising in all the facets of vehicle electrification. Based in Bangalore, Altigreen's patent portfolio spans over 60 countries with 25 patents granted.