Greaves Cotton shares jump 6% on family scooter launch

Shares of Greaves Cotton rose as much as 6% in intraday trade on Tuesday after the company’s electric vehicle arm Greaves Electric Mobility Private Limited introduced its electric family scooter, the Ampere Nexus, starting at ₹1.09 lakh (ex-showroom).

The stock opened at ₹136.20 against its previous closing price of ₹136.15. Shares of the company hit a high of ₹144.30 on the BSE.

The electric two-wheeler maker says Ampere Nexus is designed, developed, and manufactured in India. The electric scooter comes with a 3 kilowatt-hour (kWh) LFP battery, which delivers 4 kW peak motor power. The Ampere Nexus comes in four colours: Zanskar Aqua, Indian Red, Lunar White, and Steel Grey.

“The launch of Ampere Nexus high-speed electric scooter marks a momentous achievement in our commitment to sustainable transportation. This transition from leisurely to urban to high-speed models signifies a pivotal moment in our journey. With each stride forward in democratising e-mobility, we progress toward a more inclusive, sustainable future,” says K. Vijaya Kumar, executive director and CEO of Greaves Electric Mobility.

Greaves Electric Mobility makes electric two-wheelers and three-wheelers. The company aims to be a key player in the full-stack last-mile mobility ecosystem.

In an interview with Fortune India in January, Nagesh Basavanhalli, non-executive vice-chairman of Greaves Cotton, said, over the past five years the company has increased its share of EV business from virtually zero to almost 30% today across the entire value chain.

The company plans to strengthen its play in various parts of the EV value chain and bring newer customer segments into its fold.

“We are committed to prioritising customer needs and making sustainable mobility solutions accessible through innovative initiatives. These include ventures into e-mobility, retail, EV financing, and the integration of advanced technologies,” said Basavanhalli.

While technological advancements offer advantages, they pose challenges, necessitating strategic approaches to keep pace with product development and upgrade existing infrastructure, Basavanhalli said.

Greaves Cotton earlier used to make ICE engines for two and three-wheelers.

India's country-wide electrification will be a turning point for transformative change for the world and the country itself, said Basavanhalli. “Driven by the government's push towards sustainable mobility, growing consumer demand for new technologies, and the emergence of private players interested in EV and clean fuel technology, the future of sustainability looks promising. At Greaves Cotton Ltd, we acknowledge and actively embrace the crucial role of electrification in shaping the future of mobility. Our transition from a metal-based industry to one focused on mechatronics and sensors signifies our commitment to this shift. However, our story isn't just about EVs. We're also exploring low-carbon multi-fuel and bi-fuel options, ensuring a comprehensive and inclusive approach to sustainable mobility using existing resources and technology,” he added.