INCONVERSATION

in the next five years.

Gopal Jaidka

Co-Founder, Stella Moto

Conversation Highlights

India has witnessed a rapid increase in volumes in the past year and this is bound to see continued momentum for the next 5 to 6 years, where we expect about 40% of the two-wheeler segment to convert to EVs

We have gained considerable experience and have established our brand not only in the passenger segment but also in the cargo segment

We have recently begun focusing on scaling up our operations within Tier1 cities in the states of Karnataka, Maharashtra, Telangana, and Andhra Pradesh while aggressively expanding our presence in micro Tier-2 and Tier-3 markets

How has your experience been as a player in the three-wheeler EV industry? Are you close to achieving your financial goals this far?

Jaidka group, a legacy player in the automobile business, has survived the test of time and has been around for more than 80 years Coming to three-wheelers, we have been involved in the EV three-wheeler business for more than six years now Since Covid, the EV industry has seen massive transformation & has been on an upswing

We have gained considerable experience and have established our brand not only in the passenger segment but also in the cargo segment We have been the preferred manufacturers in the country for leading institutions like HAL, IIT Kharagpur, Jadavpur University & INS Chilka to whom we have sold our electric vehicles We believe in working hard to provide the best quality products to our consumers and meet our yearly financial goals

It is said that India's electric vehicle transition is more resolute in the 3-wheeler industry. Do you agree with this statement?

Yes absolutely! This is because three-wheeler EVs have been around for more than a decade, whereas electric two-wheelers have only been around for about four years Because of this head start, the E-rickshaw segment has had the highest volumes in the EV 3 wheeler segment so far FY 23 has seen a massive growth in 2 wheelers sales as well with the sales going up to nearly 70,000 vehicles a month for the past few months

How can the electrification of scooters and three-wheelers drive an EV revolution?

Two-wheelers and three-wheelers have already spearheaded the EV revolution in India In the two-wheeler space, India has witnessed a rapid increase in volumes in the past year and this is bound to see continued momentum for the next 5 to 6 years, where we expect about 40% of the two-wheeler segment to convert to EVs

In the case of three-wheeler EVs, the main sales volume has been seen in the E-rickshaw segment but this year onwards we expect major volumes to come into the L5 segment as well We look forward to the L5 EV segment achieving a 90% market share in the next five years

What according to you is the future of the Indian electric 3wheeler industry in 2023?

The electric three-wheeler industry is basically represented by E-rickshaws in the L3, segment and electric auto passenger vehicles and electric cargo vehicles in the L5 segment E Rickshaw segment has seen a lot of growth in the past year, and this momentum is bound to continue L5 has shown some visibility in the last two years but major volumes are yet to come in and it is expected to come in the upcoming financial year, by 31st March 2024 We expect about 40,000 vehicles at least to be registered

What are your future plans for building your dealership network? What is the current market reaction and what are your expectations for future sales?

We have recently begun focusing on scaling up our operations within Tier-1 cities in the states of Karnataka, Maharashtra, Telangana, and Andhra Pradesh while aggressively expanding our presence in micro Tier-2 and Tier-3 markets We are going to appoint dealers in various states in a very methodical manner The initial market reaction has been very encouraging and we are expecting to close at about 15 to 20,000 units in the next financial year