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This EV maker to invest ₹100 crore in expansion and manufacturing – EQ Mag Pro

This EV maker to invest ₹100 crore in expansion and manufacturing – EQ Mag Pro


The brand is expanding its footprint in Gujarat, Telangana, Punjab, UP, MP, WB, Bihar, and Jharkhand

Hop Electric has signed an Memorandum of Understanding (MoU) with the Rajasthan government to lay the foundation of a large-scale electric vehicle manufacturing unit in Jaipur. It is expected to build a unit that can produce approximately 1.8 lakh vehicles. The mobility firm offers electric two-wheelers and battery swapping technology.

Presently, Hop has two market-ready products, HOP Leo and HOP Lyf. It is gearing up to launch at least ten new products within the next three years. The brand also has an 80,000 square feet manufacturing unit in Jaipur and currently produces 7,500 units/month, which can be expanded up to 15,000 units/month.

CEO and Founder of Hop Electric Mobility, Ketan Mehta, said, “We are extremely excited to avail this opportunity. We expect the MoU to encourage other local companies to continue moving forward with zeal and hard work. This MoU will work as a catalyst for society’s combined growth as we aim to strengthen our non-polluting transportation system (e-mobility) by leveraging futuristic technology and meticulous R&D.”

“As of now, we are vigorously evaluating different states to set up more assembly units. According to the facilities and support provided by the states, we’ll be investing close to INR 100 crore and generating over 3000 direct and indirect employment opportunities,” added Ketan.

Hop wants Rajasthan government to encourage the EV segment in the state. This includes incentives like capital subsidy, additional MSME, electricity duty exemption, stamp duty exemption, allotment of government land on 0-50% of DLC rates in Jaipur district, reimbursement on SGST, employment incentives, and under-investment promotions.

The brand is also expanding its footprint in other prominent states like Gujarat, Telangana, Punjab, Uttar Pradesh, Madhya Pradesh, West Bengal, Bihar, and Jharkhand. HOP is further planning to open at least 120 dealerships across India.

Hop Energy Network- Hop Electric Mobility is also planning to come up with a first electric vehicle segment, called the Hop Energy Network. It will have built-in battery swapping cum charging stations where the customer will be able to replace their discharged battery with a fully charged battery in just 30 seconds.

In January 2021, its pilot network with 5 swapping stations and 50 batteries started operation in Jaipur.

Source: livemint
Anand Gupta Editor - EQ Int'l Media Network