For new goods and charging infrastructure, HOP Electric Mobility would invest up to Rs 200 crore.

The start-up, which on Monday launched its HOP OXO high-speed electric motorcycle with prices starting at Rs 1.25 lakh, is also setting up an electric car park in Rajasthan's Neemrana along with its component suppliers. According to company founder and CEO Ketan Mehta, HOP Electric Mobility plans to invest up to Rs 200 crore next year in new products, setting up charging infrastructure, and creating additional manufacturing capacity. The start-up, which on Monday launched its

HOP OXO high-speed electric motorcycle with prices starting at Rs 1.25 lakh, is also setting up an electric car park in Rajasthan's Neemrana along with its component suppliers. The fresh investment will go into setting up a charging network for the company's products, which will later open up to other brands as well. The investment will also be used for new products, including the upgrade of HOP's low-speed electric scooters to high-speed ones, in addition to the EV fleet, which will also have a new manufacturing unit, he added. The new plant at Neemrana will have an annual production capacity of 5 million units. The first phase of the plant is expected to be commissioned in mid-2023.

HOP Electric Mobility has a manufacturing unit in Jaipur with a production capacity of 50,000 units per annum. We have the potential to generate up to 1.2 million units annually. This should be enough for the next few months at least to supply both motorcycles and scooters," Mehta said. About the EV park, he said, "We are currently acquiring land to develop a new EV park in Neemrana (Rajasthan), which is 60 acres." The intention is to create an ecosystem of electric cars where all components and all products are produced in the same place. "We'll make use of the 60 acres along with our partners and component suppliers. Next, we'll set aside space so they can also construct units "he said. The overall investment in this fleet of electric cars will be made jointly by HOP and its suppliers and competent manufacturers.