ANNOUNCE SIGNING OF TECHNICAL COLLABORATION AND ROADMAP TO EXPLORE A JOINT VENTURE
Kinetic Green Energy & Power Solutions, India’s leading EV company, has today announced that they are entering into a collaboration with global electric vehicle giant, Aima Technology Group, to co-design and develop electric two wheelers for the growing Indian market.
Kinetic and Aima have entered into a long-term collaboration to co-develop electric 2-wheeled vehicles for Indian consumers. Aima shall assist Kinetic with design, and support for modifications and rapid localization of the models to suit Indian customer requirements. Together, they plan to launch at least 3 new models during 2022-23 in India, including models from Aima’s new advanced high-speed scooter platform.
Kinetic Green is a well-established player in India’s fast-growing electric vehicle industry. After successfully launching a range of electric three wheelers in India, Kinetic Green has entered the E2W market in India in 2021 and is aggressively building its presence in this segment with a goal to be one of India’s top E2W players. Kinetic has been a well-known and loved 2W scooter brand in India for decades and is leveraging its deep consumer insight to bring exciting range of electric 2W scooters to Indian consumers.
Aima Technology is a global EV giant, listed on the Shanghai Exchange, with a global presence in 87 countries. With global sales of more than 50,000,000 E2W units, AIMA ranked 1st in E2W player in the World for successive 6 years out of past 10 years, and brand value ranked 1st by C-BPI and led the entire industry for 12 consecutive years. Aima boasts of over 1000 models in their product portfolio, which covers E2W, E3W and E4W. AIMA also leads the industry in technology development and R&D, and is known for its investment in technology R&D (As of December 2020, Aima held 923 patents, with total annual investment plan of more than USD60,000,000) with key focus on design, 3D digital modelling, IoT and smart technology, swapping solution in relation to her electric vehicle matrix.
Kinetic has already been selling E2W since start of 2021 and has received an overwhelming response to its vehicles. Buoyed by increasing petrol prices on one hand and favourable government policies leading to reduced prices for electric vehicles and fast evolving EV eco-system, the E2W segment is poised for rapid growth. Through this partnership, Kinetic plans to aggressively scale up its E2W business and aims to build E2W capacity to 500,000 units a year in the next 2 years.
Within a year, Kinetic and Aima further plan to explore a joint venture where Kinetic shall leverage its brand and production capabilities and Aima can leverage its technology, R&D and global outreach to expand massively. The JV will help bring respective might of the two players to develop and market a differentiated range of EVs with advanced technology in order to aggressively scale up the business to be a leading player in this fast growing space.
Initially the two wheelers developed under the collaboration will be marketed under Kinetic brand, and acknowledge the AIMA technology support. The partners have explored launching co-branded models in the future, including bringing new global brands to India.
Speaking on the occasion of this partnership, Ms. Sulajja Firodia Motwani, Founder and CEO, Kinetic Green, said, “Kinetic Green’s vision is to bring wide range of advanced, innovative yet affordable electric vehicles to the Indian mass market. We are delighted to partner with the World’s largest and leading EV player, Aima, and are looking forward to working together with them. Together, we will bring advanced EV technology to India, and create maximum social impact by bringing these innovative products within the reach of our large population, just like impact made by our Kinetic Luna or Kinetic Honda earlier. We are also committed to building a strong EV eco-system together including local supply chain, and convenience of fast charging, battery swapping, long range EVs to popularize this technology across the length and breadth of India.”
Speaking about the association with Kinetic Green, Mr. Su Yuhang, President of Aima Technology Group said, “Aima has witnessed India’s great potential in green mobility, particularly in the year of 2021, fuelled by FAME II incentive policies, the yoy E2W growth of 631%, again showcased India’s resource endowment and competing advantage in private transportation industry. India will always be Aima’s strategic priority for global investment to cater the need of green and smart mobility. We are pleased to join hands with Kinetic Green, as KG has proved themselves to be the pioneers in India’s automobile industry, with good track record of Joint Venture with international brands. Together with Ms Sulajja Firodia’s entrepreneurship and their talent pool, we believe that we can co-develop the first class product for India customers, and through localization, we can gain competing advantage and become the market leading force. ”
G-Power Energy & Technology Pvt Ltd., Chennai, a partner of Great Power, China, one of the leading Lithium cells and battery packs maker, has played a significant role in forging this partnership and will continue to provide support in localization and support to augment the technology.