Virtus Motors, a leading electric vehicle firm, has announced its plan of action to utilize their new 12,000 sq. ft. facility in Faridabad, Haryana to increase their assembly capacity to 24,000 electric cycles per year. The facility will also serve as an R&D center for research on manufacturing technologies, new motor tech, advanced batteries, and EV electronics.
The firm has carefully chosen Faridabad, an industrial hub in the Delhi NCR region, as its site to profit from the area’s numerous auto component makers and its geographic advantages for transportation and logistics. Virtus Motors plans to leverage these advantages to expand their retail presence in 20 metro cities and 50 mini-metros and create a country-wide service network.
The new facility will give Virtus Motors the capacity to produce 24,000 units of electric cycles annually and will be a significant boost to the companys growth plans. The firm is also pleased to announce that Polyplastics India, a renowned vehicle accessories manufacturing company, has agreed to fund their growth plans in the form of an equity and debt arrangement.
Given the success of the companys current range of electronic cycles, they are eager to keep innovating and expanding their offerings. The firm intends to introduce new electric cycles and a high-speed electric 2-wheeler in 2023. In addition, the company is also in the process of hiring over 100 people across various domains.
On this announcement, Mr. Tushaar Bajaj, Co-founder and Director, Virtus Motors, said, “We are thrilled to be expanding our production capacity and opening our new R&D center in Faridabad. Our goal is to provide high-quality, affordable electric vehicles that are both environmentally sustainable and accessible to all. With the support of our investors and the hard work of our team, we are confident that we will be able to achieve our mission and establish ourselves as a prominent leader in the electric vehicle industry.“
Mr. Kamal Gupta, MD Polyplastics Industries India added, The leadership & Vision of Virtus Motors towards the need of EV integration in India is aligned with Polyplastics Mission statement & capabilities to manufacture at scale. By creating immediate value to each other, we are now an R&D and manufacturing powerhouse. Together we hold the ability to visualize & manufacture any product that our consumer dreams in the EV & Energy storage services spectrum.
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