HOP Electric Mobility, one of India’s fastest growing electric vehicle manufacturers, has announced its ambitious plans to increase its sales volume by three times in 2024 and launch a mass market electric bike in 2025. The company, which has recently launched two unique products HOP LEO and HOP LYF, is also expanding its presence in multiple states across India.
HOP Electric Mobility’s vision is to provide greener, sustainable and ecologically sound two-wheelers to the Indian consumers. The company has already revolutionised the Indian e-mobility space by launching two distinctive products HOP LEO and HOP LYF, which are integrated with features such as parking assistance, side stand sensors, USB charging points, three ride modes with reverse mode, LED console, dual disc brakes, remote key, anti-theft alarm and wheel lock, and additional accessories like internet and GPS connectivity.
HOP LEO is a high-performance electric scooter that can reach a top speed of 75 kmph and has a range of 120 km on a single charge. HOP LYF is a low-speed electric scooter that can reach a top speed of 25 kmph and has a range of 125 km on a single charge. Both the products are powered by lithium-ion batteries that can be swapped or charged at home.
HOP Electric Mobility’s expansion plans and upcoming launches
HOP Electric Mobility, which currently has a manufacturing unit in Jaipur with a production capacity of 50,000 units per year, is planning to set up a second manufacturing facility to add a capacity of 1.5 lakh units per year by February 2022. The company is also planning to launch a new electric motorcycle, HOP OXO, which will have a top speed of 100 kmph and a range of 150 km on a single charge.
The company is also expanding its dealership network across India. It has already signed up with 30 dealers across India and expects to be operational by September 2021. It plans to add 70 more partnerships by the end of December 2021. The company is also exploring opportunities to partner with rental firms and cab aggregators to promote shared mobility of electric vehicles in India.
HOP Electric Mobility’s competitive edge and market potential
HOP Electric Mobility’s competitive edge lies in its innovative technology, affordable pricing and customer-centric approach. The company offers a range of financing options, warranty schemes and after-sales services to its customers. The company also claims to have the lowest maintenance cost and the highest resale value in the industry.
The company is confident of tapping into the huge market potential of electric vehicles in India, which is expected to grow at a compound annual growth rate (CAGR) of 44% from 2020 to 2027, according to a report by Research and Markets. The report also states that the electric two-wheeler segment is expected to dominate the market, accounting for more than 80% of the market share by 2027.
HOP Electric Mobility’s CEO and founder, Ketan Mehta, said, “It has been our mission and vision to promote sustainable mobility to assist the changing lifestyles, habits and needs of the new-age generations. We are thrilled and pleased to become an integral part of this amazing growth journey of the society. Our aim is to close 100 dealerships by the end of December 2021. These e-vehicles are integrated with distinctive features to make riding fun and safe. We are delighted to venture into the futuristic world and new markets in India. It will definitely bring us one step closer to our ultimate goal to equip every consumer with energy efficient transportation facilities.”
