Pune-based electric vehicle maker Kinetic Green said it has signed a pact with auto component maker Autoline Industries for joint development and marketing of e-cycles.
Under the alliance, Autoline will undertake the development of the electric cycle critical assemblies with almost 100 per cent localisation, a release said .
The two partners have "successfully" developed their first two models, named 'E-Speed,' which will be available in the domestic market from the next month at a price of Rs 24,999, it said.
"Kinetics vision is to bring a wide range of innovative yet affordable EVs to the Indian mass market," Kinetic Group chairman Arun Firodia said.
He urged the government to extend the subsidy incentives under the FAME-II scheme to e-cycle segment as well which are currently only for electric two and three-wheelers besides cars.
The E-Speed will be built at Autoline Industries Pune plant, which has a capacity to assemble 1,000 such cycles per month and it can be expanded up to 10,000 units per month, the release stated.
These Lithium-ion batteries-equipped e-cycles comes with a top speed of 25 kmph and can run 30 km on a single charge.
It takes only three hours to fully charge the batteries, which are detachable and lightweight, enabling it to be carried to home for charging on a simple domestic socket, the company said.
The e-cycles will be marketed through Kinetic Greens dealership network across 150 cities, the release said, adding the aim is to promote the offerings pan-India.
Initially, Kinetic and Autoline will introduce e- cycles in two variants and will later introduce more models as per market demand, the release said.
This is a part of our companys strategy of exploring various business opportunities in the challenging business environment to prepare ourselves for the future."
"We feel that e-cycles have the potential to make a massive impact on the micro-mobility market as well as to help improve fitness levels of our health-conscious millennials," said Shivaji Akhade, promoter and managing director, Autoline Industries.