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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)
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