EasyMyTrip Ventures into Electric Bus Manufacturing with Easy Green Mobility
In a significant move that underscores its commitment to sustainability and innovation, online travel platform EasyMyTrip.com announced on Thursday its entry into the electric bus manufacturing sector through a newly established subsidiary, Easy Green Mobility. This strategic initiative aims to capitalize on the burgeoning demand for electric vehicles (EVs) in India, with YoloBus serving as the operating arm of this venture.
Investment and Vision
EaseMyTrip has earmarked a substantial investment of Rs 200 crore for this ambitious project, which will be allocated towards extensive research and development (R&D), product development, and the establishment of a manufacturing plant over the next 2-3 years. This investment reflects the company’s vision to capture a significant share of the evolving electric bus market, which is projected to grow at a compound annual growth rate (CAGR) of 24% from 2024 to 2030.
Rikant Pittie, Co-Founder of EaseMyTrip, emphasized the potential of the electric bus market, stating, “A decade from now, the yearly demand for electric buses is expected to grow to 125,000 to 150,000 units per annum.” He highlighted the current market dynamics as a prime opportunity to enhance supply and meet the growing demand for electric buses by localizing production and creating a fully ‘Make-In-India’ product.
Supporting Government Initiatives
The establishment of Easy Green Mobility aligns with the Indian government’s efforts to promote electric vehicles through various initiatives, including the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, state-level policies, and Production-Linked Incentive (PLI) schemes. Pittie noted, “Our new subsidiary, Easy Green Mobility, is a way to support their exemplary efforts and contribute to India’s vision of becoming a global leader in Green Mobility.” This alignment not only reinforces the company’s commitment to sustainability but also positions it strategically within the growing EV and eMobility sector.
Focus on Advanced Technology
Easy Green Mobility aims to manufacture cutting-edge electric buses equipped with advanced technology and energy-efficient battery systems designed for long-range travel on a single charge. This focus on innovation will establish a strong foundation for expanding the company’s presence in the urban transportation sector, which is witnessing a high demand for electric buses both domestically and internationally.
The initial phase of production will see the establishment of a plant with a capacity to manufacture 4,000-5,000 buses, with plans to ramp up production as demand increases. This scalable approach will allow Easy Green Mobility to adapt to market needs and contribute significantly to the electric bus ecosystem in India.
Redefining Intercity Travel
YoloBus, as the operating arm of Easy Green Mobility, aims to redefine intercity bus travel for Indian passengers by providing unparalleled services. The integration of advanced technology and a commitment to sustainability will enhance the overall travel experience, making it more efficient and environmentally friendly.
Market Response
The announcement of EasyMyTrip’s foray into the electric bus manufacturing sector has been met with a positive response from the market. Following the news, shares of Easy Trip Planners (EASEMYTRIP) surged, ending the day 10.9% higher at Rs 43.1 apiece on the Bombay Stock Exchange (BSE). This uptick reflects investor confidence in the company’s strategic direction and its potential for growth in the EV market.
Conclusion
EasyMyTrip’s venture into electric bus manufacturing through Easy Green Mobility marks a pivotal moment in the company’s evolution and its commitment to sustainable transportation solutions. With significant investments in R&D and a focus on advanced technology, EasyMyTrip is poised to play a crucial role in shaping the future of urban transportation in India. As the electric bus market continues to expand, the company’s innovative approach and alignment with government initiatives position it well to capitalize on the growing demand for eco-friendly travel options.