Omega Seiki plans investment of US$ 250 million targeting 1 million electric three wheelers per annum
Omega Seiki Mobility, an Indian electric vehicle manufacturer, is set to revolutionize the electric three wheeler segment. The company marks World Earth Day by announcing the setup of the world’s largest electric three wheeler manufacturing unit in Karnataka.
The new facility being planned by Omega Seiki Mobility (OSM) will be built in three phases. Funds are being raised via equity and debt, to set up this mega factory from where production is scheduled to commence from FY 2024. The facility will be spread over an area of 250 acres and OSM is in talks with existing and new suppliers to set up ancillary units close to this megafactory.
Omega Seiki Mobility Megafactory
Total investment planned is at US$ 250 million (Rs 1,910 crores). Production capacity will stand at 1 million electric three wheeler units per annum. The new OSM Megafactory will cater to demands of the Indian market as well as ASEAN, Africa and the Middle East markets.
Mr. Uday Narang, Chairman and Founder, OSM, said “The organised electric three-wheeler market has exponentially grown by a massive 200% in FY22 as against the previous fiscal. This has helped EV 3 wheelers now command a massive 46% of overall three-wheeler volumes. We at OSM believe that adoption of EVs in the last-mile delivery sector and government bodies will help India become the first market in the world where every 3 EV three-wheeler will be sold for every 1 ICE three-wheeler. We want to be the market leader in the three-wheeler market, not just in India but the world and the new OSM Megafactory with a capacity of 1 million units is the first step towards this goal.”
OSM Range of Electric Three Wheelers
OSM, a leader in the electric cargo three wheeler segment with its Rage+ brand, plans to produce the entire range of vehicles among which are Rage+, Rage+ RapidEV, Rage+ Frost, Rage+ Swap, and Rage+ Tipper. The company also plans to embark on the electric three wheeler passenger carrier segment with the OSM Stream which will soon enter production.
Omega Seiki Mobility unveiled the country’s first battery-powered small commercial vehicle (SCV) named M1KA in November 2021. The company also has the Rage+ Rapid electric three-wheeler in India, that comes in at a starting price of Rs 3.59 lakh for its open carrier half tray variant and goes up to Rs 3.99 lakh (ex-showroom, India) for top body container variant.
OSM Rage+Rapid Electric Three Wheelers
Omega Seiki’s Rage+ Rapid electric three-wheeler receive RapidX 6,000 fast-charging batteries based on InstaCharge technology developed by Log 9 Materials. The batteries can be charged upto 100 percent in 35 minutes, and capable of taking on tough Indian weather conditions where temperatures range from -30°C to +60°C, allowing up to 40,000 charge-discharge cycles and 10+ years of battery life. The battery offers a range of 90 kms per charge and is directed towards use of last mile cargo and delivery segments in the country.
Following its successful entry into the electric three wheeler segment in India, OSM also plans to enter global markets. The company has entered into joint ventures with partners in Bangladesh, Egypt and UAE. As per Dr. Deb Mukherji, Managing Director, Omega Seiki Mobility is the only company in India to offer three powerpack options – long range, rapid charging and swappable.