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Rattanindia Enterprises hit an upper circuit of 5% at Rs 50.30 after the company said its electric bikes sold out within minutes of opening online sales.
Previously RattanIndia's Revolt Motors, India's market leader in electric bikes, had opened sales on 18 June with the company having to close the booking in 2 hours."This time the bookings were closed out within minutes of launching sales on Revolt website," the company said in a statement on Thursday (15 July).
These sales were for its Al-enabled RV400 bikes, which has a range of upto 150 Kms on a single charge of its 3.24Kwh Lithium-lon battery that can churn out a top speed of 85km/h.
The running cost of Revolt electric bikes is Rs 9 per 100 kms compared to petrol bikes which cost Rs 250 per 100 kms, the company highlighted.
The company further said that various state governments are giving significant incentives to customers buying electric bikes. For example Maharashtra is giving incentives of more than Rs 25,000 per bike, Gujarat government gives incentives of Rs. 20,000 per bike, Delhi government gives direct incentive of about Rs 16,200 per bike for Revolt customers. Similarly, Meghalaya has incentive of Rs 32,000 per bike for Revolt and Bihar has also proposed a similar amount as incentive. In addition states of Telangana, Tamil Nadu and Delhi have also waived off the road tax for EV two wheelers.
Anjali Rattan, Business Chairman, Rattanindia Enterprises said Revolt bikes being sold out within minutes is strong testimony of the product quality of Revolt. With petrol prices reaching upwards of Rs. 100 in the country, it is hard for customers to miss huge savings that Revolt bikes bring.
Rahul Sharma, MD of Revolt Motors said, Another round of blockbuster sales by Revolt clearly shows that Indian customers are quick to adopt superior products. We are working round the clock to increase our production capacities even further to cater to this huge demand.
RattanIndia Enterprises is the flagship company of Rattanindia Group for its new age growth businesses. The company has forayed into electric mobility space through Revolt Motors to democratize clean commute using next-gen mobility solutions. The company is completely focused on providing world class electric mobility products which are affordable and accessible to every Indian.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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