Omega Seiki Mobility (OSM), an electric vehicle maker, said that it will spend USD 250 million on a three-wheeler EV production plant in Karnataka by FY2024. The planned factory, which will be completed in three phases and have a production capacity of one million three-wheeler EVs each year, would be the world’s largest manufacturing unit, according to the corporation.
“OSM will be setting up the world’s largest electric three-wheeler manufacturing unit in Karnataka with an investment of USD 250 million. The new facility will be built in three phases and will have a production capacity of one million electric three wheelers per annum,” the company said in a statement issued here.
According to the company, the new plant would be complemented by its own supply chain of powertrains and battery packs. According to the company, the new plant would be complemented by its own supply chain of powertrains and battery packs.
“OSM is also in active negotiation with existing as well as new suppliers for setting up ancillary manufacturing facilities in the vicinity of the OSM megafactory which will be built over an area of 250 acres,” the company added.
Commenting on the development Uday Narang, Chairman and Founder, OSM, said, “The organised electric three-wheeler market has exponentially grown by a massive 200 per cent in FY22 as against the previous fiscal. This has helped EV 3 wheelers now command a massive 46 percent of overall three-wheeler volumes. 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 one million units is the first step towards this goal.”
Omega Seiki Mobility is intending to expand internationally after a successful launch in India and has already established joint ventures in Bangladesh, Egypt, and the United Arab Emirates.
“OSM is a global brand and the new OSM mega factory will cater to the Indian as well as ASEAN, Africa and the Middle East markets. Today OSM is the first EV company to export made in India three-wheelers to these geographies. We will also set up manufacturing in these countries along with our local partners,” Deb Mukherji, Managing Director, Omega Seiki Mobility said.
