Electric vehicle company Electric One Mobility has partnered with former Sri Lankan cricketer Arjuna Ranatunga to form a joint venture Electric One Lanka Pvt Ltd to enter the island nation’s electric two-wheeler market, the company said in a statement.
Under this collaboration, in which the two partners have signed an initial agreement, the JV will establish more than 50 co-branded retail stores across Sri Lanka over the next five years, with the first flagship store set to go live next month. Said.
The JV will invest about $5 million over the next three years, the company said, with phase one starting with retail and distribution and phase two with local assembly and manufacturing of two-wheelers.
The JV will draw on the strengths and synergies of both partners to aim for a pole position in Sri Lanka’s EV market, with nine offices across the country’s provinces, each with multiple outlets in neighboring districts. I added that there is. 2 years.
“Electric One plans to expand into international markets in Africa, the Middle East and South Asia.In our debut international business, we are partnering with Ranatunga, who shares our vision of green mobility.We have announced a partnership with Nepal.” GCC countries and some important African markets are coming soon,” said Dhiraj Tripathi, co-founder and COO of Electric One Mobility Pvt Ltd.
Ranatunga is also involved in the solar energy business and has an extensive network of offices promoting, selling and distributing Electric One’s bicycles and scooters, the company said.
“We have been involved in solar and mini hydro for the past few years. Our main reason for getting into EVs is to reduce our carbon footprint and give future generations a cleaner country and a cleaner environment. It’s about providing a better world,” said Ranatunga.
“This joint venture will mark a major milestone in the EV sector for both India and Sri Lanka.A new innings in Sri Lanka with Ranatunga marks the rise of Sri Lanka’s mobility offering citizens an affordable mode of personal transport. “We look forward to a century of stores across Sri Lanka under this joint venture,” said Amit Das, co-founder and CEO of Electric One Mobility. .