Ketan Mehta, Founder & CEO of HOP Electric Mobility, said that in the upcoming year, HOP Mobility would invest over Rs 200 Crore in new products. HOP Electric Mobility would also set up charging infrastructures for the expansion of production capacity.

HOP launched its high-speed electric motorcycle HOP OXO last Monday, which costs around Rs 1.25 Lakh. The Start-up, jointly with its component supplier, would set up an electric vehicle park at Neemrana, Rajasthan.

Till now, the company has invested approximately Rs 50 crore in the Business and is ready to invest up to 200 crores in the upcoming 12 months, stated Ketan Mehta.

The investment would facilitate the setting up of a charging network for the company’s products, which would be later accessible to the other brands. The investment would be used in upgrading the HOP Mobility E-bike from low-speed electric scooters to a high-speed, new plant at Neemrana will have the capacity of manufacturing 5 lakh units annually. By mid-2023 the first phase of the plant would be operational. Currently, HOP mobility has a manufacturing block in Jaipur which produces 50,000 units per year.

The Motive of HOP mobility is to develop an EV ecosystem where all the components and all the products can be manufactured at the same location. Expenditure on EV Park would jointly be paid by HOP and its suppliers and competent manufacturers.