GRAND CAYMAN, Cayman Islands and COIMBATORE, India, May 28, 2024 (GLOBE NEWSWIRE) -- SRIVARU Holding Limited (Nasdaq: SVMH; SVMHW) (“SRIVARU” or the “Company”), a provider of premium electric motorcycles, today announced the completion of its cutting-edge manufacturing facility in Coimbatore, India. This milestone marks a significant achievement in SRIVARU's mission to revolutionize the e-motorbike industry in India.
The newly completed factory is equipped to begin immediate monthly production of an initial estimated 2,000 units of the PRANA 2.0, a cutting-edge performance electric vehicle (EV) designed with a focus on value. The factory also has the capability to swiftly upscale to meet expected growing demand for the PRANA 2.0 and our other motorcycles in development of over 4,000 units per month. The factory features a state-of-the-art automated testing line for our fully assembled electric motorcycles. This advanced system ensures the highest precision and quality for each motorcycle/PRANA 2.0 produced, which should give customers peace of mind. Remarkably, the entire production cycle takes 12 minutes from start to final testing, establishing a new benchmark in India for fastest and most efficient precision motorcycle unit production.
Mohanraj Ramasamy, Chief Executive Officer of SRIVARU, commented, "The completion of this state-of-the-art facility marks a significant milestone for SRIVARU. We expect our fully automated testing line to be a game-changer, ensuring that every electric motorcycle we produce meets the highest standards of quality and reliability. A notable feature of this new facility is the production and testing efficiency for each PRANA 2.0 model. Based on our experience so far, each PRANA 2.0 electric motorcycle can be manufactured and fully tested within just 12 minutes—with 6 minutes for production and 6 minutes for testing—which we expect will set a high standard for manufacturing in both India and internationally. The facility's advanced testing equipment has been designed to ensure the highest range of precision, including calibration, breaking, alignment, battery systems, and more – which should contribute to the superior quality and reliability of SRIVARU's electric motorcycles.”
“We are now at a stage where we are confident that the entire PRANA 2.0/electric motorcycle assembly and testing process should work seamlessly and achieve 100% of our expected quality standards. As a result, we expect the new manufacturing facility will initially provide the Company with the capacity to produce over 2,000 bikes per month, operating just a single shift and single line. The facility incorporates advanced automation systems, expected to significantly enhance manufacturing efficiency and operating margins. Furthermore, the new facility’s production capacity has been designed for potential expansion with minimal capex requirements through additional lines and multiple shifts, potentially supporting a production output exceeding 50,000 units per year. We are excited to bring this level of precision to our customers and are confident that our innovative approach will set us apart in the market. The motorcycle market in India alone is forecast to exceed $36 billion by 2027, with the EV segment projected to reach 45-50% of the overall market by 2030. This should position SRIVARU to capitalize on the increasing demand for electric vehicles in one of the world's fastest-growing markets,” concluded Mr. Ramasamy.
About SRIVARU Holding Ltd.
SRIVARU is the parent company of SRIVARU Motor Private Ltd., a provider of premium electric motorcycles in India. SRIVARU was founded on the realization that while the rider-motorcycle relationship is deep and complex, it is in desperate need of innovation for the next generation of riders. SRIVARU provides affordable premium electric two-wheeled vehicles (“E2W”) that provide an exceptional riding experience with redundant 3-channel automated braking, a low center of gravity to improve stability, enhanced safety features, and easy charging compatible with home charging outlets. The company has a broad array of intellectual property, including a patent-pending chassis and drive acceleration system. In addition, SRIVARU offers customers a superior total cost of ownership, compared to traditional internal combustion engine motorcycles and E2W vehicle competitors. Additional information about the company is available at: http://www.srivarumotors.com/.
Forward Looking Statements
This communication may contain a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning SRIVARU’s possible or assumed future results of operations, business strategies, debt levels, competitive position, industry environment, potential growth opportunities and the effects of regulation, including whether the business will generate returns for shareholders. These forward-looking statements are based on SRIVARU’s management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events. When used in this communication, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside SRIVARU’s management’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (a) the outcome of any legal proceedings that may be instituted against SRIVARU or others; (b) SRIVARU’s ability to continue to meet the Nasdaq’s listing standards; (c) the ability of SRIVARU to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (d) changes in applicable laws or regulations; (e) consumers’ willingness to adopt electric vehicles and electric motorcycles in particular; (f) the possibility that SRIVARU may be adversely affected by other economic, business and/or competitive factors, geopolitical conflicts, the effects of inflation and potential recessionary conditions; (g) SRIVARU’s execution of anticipated operational efficiency initiatives, including low-cost manufacturing and distribution, and financing arrangements; and (h) other risks and uncertainties indicated from time to time under “Risk Factors” in documents filed or to be filed with the SEC by SRIVARU. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and SRIVARU assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. SRIVARU does not give any assurance that it will achieve its expectations.
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fd2149a7-0f48-4c89-9c39-cb2f32b2ba14
