Greaves Cotton's Primus opens for bookings to 700 dealers today

Greaves Cotton, an Indian engineering company that manufactures engines and heavy equipment, is looking to boost growth in 2023 with products across categories and price segments within the electric vehicle (EV) space.

The company has a robust new roadmap for electric 2-wheelers and 3-wheelers and has launched a range of new EVs at Auto Expo 2023. The company will also be investing Rs 1,500 crore in the e-mobility business which contributes more than 40 percent to its overall business.

Nagesh Basavanhalli, Group CEO and MD of the company, recently appeared on CNBC-TV18 to discuss the company's plans for the electric vehicle (EV) market. According to Basavanhalli, the company's Primus 2-wheeler will be open for bookings to 700 dealers starting today.

“Primus, which is our foray into highspeed 2-wheeler, will be open for bookings through our 700 odd dealer outlets in the country as of today, and it will be available in the market this quarter. The rest of the vehicles will follow over the next fiscal year,” he said.

Currently, Greaves Cotton holds a 13-14 percent market share in the EV segment. Basavanhalli expressed confidence in the demand for the company's products, stating that they have introduced 6 new products in 2-wheeler and 3-wheeler EVs. He also anticipates the company's quarterly run rate of 33,000 units to continue to grow in the future.

Basavanhalli also mentioned that while business-to-business (B2B) sales currently make up a smaller portion of the company's overall business, they expect this segment to grow rapidly in the long term. With the launch of the new primus 2-wheeler and the increasing demand for EVs, Greaves Cotton is positioning itself to capitalize on this growth.

The company recorded its highest-ever Q2 sales of 33,000 units for its 2-wheeler and 3-wheeler portfolio. It also recorded the highest ever quarterly revenue of Rs 318 crore and EBITDA of Rs 8 crore. Greaves’ electric mobility now accounts for 46 percent of overall revenue and Ampere continues to be a fast-growing e-Mobility brand.