PUNE: Okinawa Autotech, the electric two-wheeler manufacturer on Wednesday said it will invest 25 million euros (over Rs 220 crore) over the next three years on developing new products and powertrain.
Its first product will be an electric cruiser motorcycle scheduled to be launched in the Indian market this year.
In CY2022, Okinawa Autotech, which has a portfolio of both high- and low-speed e-scooters, sold a total of 101,366 units and was the second-placed EV OEM, after Ola Electric.
Okinawa, which is seeing strong demand for its iPraise+ and Praise Pro high-speed models, currently has a network of over 350 dealers in key metro cities and now aims to reach Tier 2-3 cities as well as rural India.
The company said the new products will be developed at its newly opened first research and development centre in Italy, set up in association with its joint venture partner Tacita. At present Tacita produces six electric motorcycles across two brands – T-Cruise (Urban and Turismo) and T-Race (Motard, Enduro, Rally, Cross).
“The first product designed at the global centre will be an electric cruiser motorcycle that is scheduled to be unveiled in the coming months in India,” Jeetender Sharma, founder MD at Okinawa Autotech said.
A total investment of 25 million euros over the next three years has been planned for developing new products and powertrain, it added.
“Setting up the global R&D centre showcases our ambition to bring the best technologies from the entire world to our Indian customers. The centre will be working on developing futuristic technologies for next-generation electric vehicles,” Sharma said.
He said the company has invested Rs 500 crore along with its key stakeholders towards the development of new products, manufacturing facilities, network expansion and brand building over the last five years.
Okinawa said its global R&D centre will further focus on new product development, upgrading the existing product portfolio and developing an all-new e-powertrain to support the next generation of products.
“The centre will employ nearly 50 specialists both from India and across the world, and soon the company will start its employee exchange programme with Tacita to nurture employees' skills both at domestic and international levels,” Sharma said.