Schedule a Call Back
EaseMyTrip enters into electric bus manufacturing with YoloBus
Industry News- Sep 06,24
The company plans to invest Rs 2 billion over the next 2-3 years in research and development, product development, and the establishment of a manufacturing plant.
EaseMyTrip, a leading online ticket booking platform, is branching into the electric bus manufacturing sector through its new subsidiary, Easy Green Mobility. YoloBus, another EaseMyTrip subsidiary, will manage operations for this venture.
The company plans to invest Rs 2 billion over the next 2-3 years in research and development, product development, and the establishment of a manufacturing plant. This investment aims to support the rapidly growing electric bus market in India, which is projected to expand at a compound annual growth rate (CAGR) of 24% from 2024 to 2030.
Rikant Pittie, Co-founder, EaseMyTrip, stated that Easy Green Mobility is part of the company's strategy to capture a significant share of the evolving EV market and meet the anticipated demand for electric buses. "In a decade, annual demand for electric buses is expected to reach between 125,000 and 150,000 units. This presents a significant opportunity to localize production and contribute to India's 'Make in India' initiative," Pittie noted.
The new subsidiary will focus on manufacturing buses with advanced technology and energy-efficient battery systems to support long-range travel. Easy Green Mobility plans to build an initial production facility capable of manufacturing 4,000-5,000 buses, with plans to expand capacity in the future.
Through its existing network, YoloBus covers 250 routes across India, and the company aims to operate over 2,000 electric buses nationwide by 2027-28. This initiative supports the government’s push for electric vehicle adoption through schemes like FAME, state-level policies, and PLI initiatives.
EaseMyTrip’s entry into the electric bus sector is expected to strengthen its foothold in the urban transportation market and advance India’s goal of becoming a global leader in green mobility.
(Fortune India)
Related Stories
Auto & Auto Components
India braces for EV surge with new model launches
Currently, EV adoption in India is around 2%, but the government aims for a 30% penetration in the passenger car segment by 2030.
Read moreAuto & Auto Components
Vedanta eyes global EV market with nickel production expansion
This initiative aligns with India's broader goal to reach $1 trillion in exports by 2030, up from $437 billion in the 2023/24 fiscal year.
Read moreAuto & Auto Components
China orders automakers to avoid investing in India to safeguard EV technology
The directive comes amid strained relations between China and India, particularly following a deadly border clash in 2020.
Read moreRelated Products
Tata Motors unveils facilities for development of Hydrogen propulsion tech
AUTO COMPONENTS & ACCESSORIES
Tata Motors, India?s largest automobile company, unveiled two state-of-the-art & new-age R&D facilities for meeting its mission of offering sustainable mobility solutions. The unveilings constitute of Read more
Tata Motors plans petrol powertrain for Harrier and Safari SUVs
AUTO COMPONENTS & ACCESSORIES
Tata Motors is in the process of developing a new petrol powertrain for its premium sports utility vehicles, the Harrier and Safari, as confirmed by a senior company official. Currently, these models Read more
Electric Vehicle Charger
AUTO COMPONENTS & ACCESSORIES
RRT Electro is engaged in manufacturing of customized Power Electronic Products over two decades having capability to Design, Develop, Prototyping, Regulatory Compliance testing & Certification, Manuf Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
