HOP Electric aims for a threefold increase in annual sales in 2024 and plans to launch an electric motorcycle, comparable to mass-market entry-level bikes with conventional engines, to boost volumes. The company, with two electric scooters and a bike in its portfolio, is also seeking around $25 million in funding next year for production capacity expansion. Founder & CTO Rahil Gupta anticipates selling about 50,000 to 60,000 electric scooters and motorcycles in 2024, targeting growth in tier II and III cities. The new electric bike, part of the ‘Nimbus’ platform, will compete with popular models like Hero Splendor and Bajaj Platina.
HOP Electric Targets Threefold Sales Growth in 2024, Plans $25 Million Fundraising
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