GRAND CAYMAN, Cayman Islands, Oct. 23, 2024 (GLOBE NEWSWIRE) -- SRIVARU Holding Limited (Nasdaq: SVMH, SVMHW) (“SRIVARU” or the “Company”), a manufacturer of premium electric motorcycles, today announced its expansion into the Indian State of Kerala with the launch of its PRANA 2.0 electric motorcycle through a new joint dealership with Electrogreen Motors in Thiruvananthapuram, Kerala’s capital.
The joint dealership model, developed by SRIVARU, allows the Company to partner with established local dealers, leveraging their resources and market reach. This approach enables SRIVARU to expand rapidly while minimizing upfront costs and ensuring capital efficiency. The new dealership in Kerala will offer SRIVARU’s flagship electric motorcycles, the PRANA 2.0 Grand and PRANA 2.0 Elite. Both models are renowned for their performance and eco-friendly features, with an industry-leading range of 250 kilometers per charge and acceleration from 0 to 60 km/h in under 4 seconds, making them the fastest and most efficient electric motorcycles in their class.
Adron Leow, CFO of SRIVARU, stated, “Our joint dealership approach is an innovative way for us to scale quickly while delivering a consistent and premium experience to our customers. We expect this partnership to allow us to reach more consumers across Kerala, offering them our cutting-edge electric motorcycles while maintaining top-tier service quality. Kerala has been a leader in supporting electric vehicle (EV) adoption. In 2019, the state introduced one of the country’s earliest EV policies, offering incentives such as free vehicle registration, road tax exemptions, toll exemptions, and free parking for EVs. These policies have made Kerala one of India’s most successful states for the early EV adoption, providing an ideal environment for SRIVARU to expand its operations and cater to the increasing consumer demand for cleaner transportation solutions. Major Keralan cities such as Kochi, Thiruvananthapuram, Kozhikode, and Thrissur are already key markets for other premium vehicles, significantly contributing to India's luxury automobile segment. As the demand for EVs rises, we believe SRIVARU’s expansion into Kerala positions the company to capitalize on this lucrative market with its premium electric motorcycles.”
Mr. Anwar, CEO of Electrogreen Motors, commented, “We are excited to partner with SRIVARU, as their electric motorcycles are setting new standards for performance and sustainability in India. The PRANA 2.0 series, with its combination of advanced technology and environmental benefits, is perfectly suited to the growing market demand here in Kerala. This partnership not only strengthens our current business, but we anticipate that it will also position us for future expansion in the rapidly growing EV sector.”
For more information about the PRANA 2.0 and SRIVARU, please visit https://www.srivarumotors.com/prana-electric-bike or www.svmh.ai.
About SRIVARU
SRIVARU Holding Limited, a Cayman Islands exempted company, is the parent company of SRIVARU Motor Private Ltd., a commercial-stage provider dedicated to designing and manufacturing 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 E2W vehicles 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. SRIVARU additionally oversees a manufacturing subsidiary set to play a crucial role in achieving the company’s vision for sustainable and innovative mobility. Additional information about the company is available at: http://www.srivarumotors.com/. With a focus on innovation, sustainability, and performance, SRIVARU aims to redefine the future of mobility.
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, respectively. 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) the inability to obtain financing to complete the Company’s planned expansion; (c) the inability to successfully appeal the Nasdaq’s delisting determinations; (d) the risk that current plans and operations of SRIVARU or its subsidiaries are disrupted as a result of the announcement and consummation of the Business Combination; (e) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of SRIVARU to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (f) costs related to ongoing operations; (g) the possibility that SRIVARU may be adversely affected by other economic, business, and/or competitive factors; (h) SRIVARU’s ability to execute its business plans and strategies, (i) SRIVARU’s estimates of expenses and profitability and (j) other risks and uncertainties indicated from time to time in SRIVARU’s public filings with the SEC, including those under “Risk Factors” therein.
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, do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. SRIVARU gives no assurance that it will achieve its expectations.
Company Details:
SRIVARU Holding Limited
2nd Floor, Regatta Office Park, West Bay Road
P.O. Box 10655
Grand Cayman, KY1-1006
Cayman Islands
Investor & Media Contact:
Investor Relations
SRIVARU Holding Limited
Email: ir@srivarumotors.com
Phone: +1 (888) 227-8066
