Electric mobility startup Amo Mobility is gearing up for an aggressive plan for dealership expansion by the end of this fiscal year, backed by the introduction of high-speed vehicles, Managing Director Sushant Kumar told ETEnergyworld in an exclusive interview.
“Last year, 1 million electric two-wheelers were sold in India, and this year’s numbers are projected to be higher. We are also scaling up our capacity and aiming to capture a more substantial market share,” Kumar said. The company already boasts a robust presence, operating over 250 dealerships in 17 states.
Funding the expansion plans will require significant investment. “We are looking at equity dilution to raise the required investment,” he said but did nit share the details.
Open to strategic moves such as collaborations, mergers, and acquisitions, Kumar wants to transform e-mobility into mass mobility. In this context, he stated: “Major acquisitions are likely, and in the next three years, the Indian EV ecosystem will likely mirror those of nations that began their EV journey before us.”
Acknowledging the challenges posed by the FAME scheme allegations, Kumar stressed Amo Mobility’s commitment to conducting business ethically and maintaining compliance with local regulations.
Seven companies including Amo Mobility were found to have wrongfully claiming subsidies under the FAME II scheme, after assembling vehicles in the country with imported products. Kumar aid the company is currently in the final stages of discussions with the ministry of heavy industries for an amicable settlement of Rs 80 lakhs claimed wrongfully in subsidies.
In a broader sense, he said the support from the government is crucial, particularly for the two-wheeler EV market. For instance, to aid in the export of EVs, he suggests subsidies and upfront GST refunds, as “EVs come under the inverted GST structure.”
Regarding Research and Development, Amo Mobility is heavily invested. “Currently, AMO allocates 30-40 per cent of our top line to R&D. It’s essential to keep innovating,” Kumar highlighted.
This commitment comes on the back of the company’s plans around autonomous driving technology, with significant advancements anticipated in robotics and autonomous vehicles in India over the next five years.
