$50bn projection for Indian electric 2W market
TDK Corporation (TSE: 6762) said its corporate venture capital subsidiary TDK Ventures, Inc has invested in Ultraviolette, a leading innovator in high-performance electric motorcycles headquartered in Bangalore.
The investment, part of Ultraviolette’s latest funding round, represents TDK Ventures’ commitment to advancing sustainable transportation technologies around the globe.
Electrifying the critical electric two-wheel market in India presents a tremendous opportunity to cut carbon emissions and deliver cleaner urban mobility. Following India’s rapid adoption of electric scooters – achieving 18% penetration in just four years – electric motorcycles, which currently have <0.1% penetration, are poised for similar explosive growth https://www.makeinindia.com/home/.
The Indian electric 2W market is projected to create a >US$50 billion market opportunity within the next 10 years. Ultraviolette’s software platform powers its electric vehicle (EV) motorcycles and scooters enabling energy transition for the entirety of the 20 million 2W Indian market. Ultraviolette’s status as the first Indian EV company to sell to the EU and getting ready to support other developed markets in this transition as well.
Ultraviolette is uniquely positioned to lead this transformation with its diverse portfolio of mid-premium motorcycles and scooters for the aspirational India. Enabled by its platform technology, the company offers compelling alternatives to internal combustion engine motorcycles and scooters by combining aspirational design, superior performance, and advanced safety features https://www.nseindia.com/.
The company’s flagship F77 MACH 2 and F77 SuperStreet models have already garnered major industry awards. Ultraviolette’s upcoming scooter the ‘Tesseract’ and light motorcycle ‘Shockwave,’ have garnered over 70,000 paid bookings, representing more than $120 million in order value. The company is steadily expanding its distribution network with a presence in 20 Indian cities and a target of reaching 100 cities by year-end. The company commenced sales in 10 EU countries earlier this year https://www.bseindia.com/.
“TDK Ventures believes in empowering visionary companies that are driving the next wave of sustainable innovation,” Nicolas Sauvage, TDK Ventures President, said on 12 Aug. “Ultraviolette exemplifies this with their industry-leading engineering, vertical integration, and a bold vision to reimagine the future of motorcycling and mobility. We are excited to support their journey toward electrifying the world’s largest motorcycle markets.”
Ultraviolette’s technology and manufacturing approach have already set new industry standards. Key innovations include a patented 5-level battery safety system, a proprietary vehicle operating system, and a vertically integrated production facility scaling to 100,000 units. Fiinews.com
