Posted On : 22 Feb, 2019
New Delhi, February 22, 2019 : Croyance Automotive, a Gujarat-based auto startup, gearing up to launch its first electric intermediary commercial vehicle(ICV) by October this year, a company official told ETAuto. The company, started in 2015, will launch two variants- Electro 1.tonne and Electro 2.tonne, majorly to strike the requirements of e-commerce industries.
Kapila Soni, Founder and Director, Croyance Automotive said, "We have just completed the on road-testing of these vehicles and targeting to launch our 100 per cent electric model Electro range by October this year."
Soni, who started the enterprise with preliminary financial back-up from husband, said that production of the trucks will begin in the month of May from company's plant near Surat which is spread across 15 acres, having an annual capacity of 6,000 plus automobiles.
Established in 2015, Croyance Automotive has set an annual gross sales target of 1,500 -2000 trucks and planning to launch these vehicles in 5 cities in Bangalore, Chennai, Delhi, Nagpur, Jaipur and Mumbai from the company owned outlet in the first phase. In February, the company tied-up with TVS Auto Assistance for aftersales services support for the upcoming models.
Weighed around 2000 kg, both the vehicles come with two charging modes- normal and turbo (for immediate charge) and are powered by six batteries. The vehicles’ have a variety of 120 km which make them suitable for intercity applications only.
Apart from being zero-emission vehicles, the startup has planned to introduce the models at a very affordable cost to compete against the big players. "The price range of our models is quite less expensive as compared to any other big brand. The ex-showroom price of the vehicle will be around Rs 7 - Rs 7.5 lakhs which is nearly half of the price of products that are present in the market,” Soni highlighted.
Croyance has estimated that the venture will cost around Rs 400 crore, for which the founder is in discussion with the banks for loans. "We are in talks with government banks for financing. Meanwhile, we are also looking for angel firms and equities and can be joyful to collaborate with them," the founder said.
Going forward, the company is planning to venture into public transport section with their 18-25 seater mini electric bus by 2021. For this, Croyance is currently in negotiations for the land in Chennai region to put up its second plant.