Electric bike: Electric bike startup EMotorad expanding to Europe
Europe is one of the largest and fastest-growing markets for electric vehicles with an affluent customer base, which will provide EMotorad with a huge opportunity to produce electric cycles for the mass market, it said.
The company said it is eying to sell some 3,000 e-bikes in the first few quarters across these five countries.
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In the initial expansion phase, the company said, it is planning to target five major countries -- Spain, Italy, Germany, France and the Netherlands -- to grow exponentially across the continent.
EMotorad will initially launch its electric bicycle 'Doodle', followed by the roll out of a premium and ultra-premium range of e-bikes in the coming six months.
In the later stage, the company also plans to introduce e-bikes based on different terrain and demographics, depending on market study, it stated.
Europe has a major consumer interest in e-bikes. The European market is highly evolved and competitive, said Aditya Oza, Co-founder and Chief Marketing Officer, EMotorad.
"With the learnings from mature markets like Japan, where there is widespread acceptance of e-bikes, we are ready to make a mark in one of the largest markets for e-bikes across the globe," he added.
The company said it is rapidly building a strong team in Europe to accelerate the expansion and expedite the operations and management of the business.
Considering Europe as a high-potential market, the company is expecting a nearly 30-40 per cent growth on quarter-on-quarter basis.
EMotorod claims it has sold over 16,000 e-bikes in India besides 11,000 units in the overseas markets so far.
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