World's largest electric 3-wheeler factory in India soon

Homegrown electric vehicle manufacturer Omega Seiki Mobility (OSM) is planning to set up the world's largest electric three-wheeler manufacturing plant in Karnataka with an investment of $250 million. This new manufacturing plant would be built on 250 acres of land in three phases and have a production capacity of one million electric three-wheelers every year.

Uday Narang, chairman and founder of OSM, in a company statement, said that the organised electric three-wheeler market has grown exponentially -- by 200 per cent -- in FY22 as against the previous fiscal. "This has helped EV 3 wheelers now command a massive 46 per cent of overall three-wheeler volumes.”

The automaker also said that it plans to raise funds for the new plant via equity and debt. The OSM Megafactory is likely to start production by FY24. The company also said that it already has an order book of over 50,000 vehicles.

“We want to be the market leader in the three-wheeler market, not just in India but the world and the new OSM Megafactory with a capacity of 1 million units is the first step towards this goal,” Narang added.

The statement also said that OSM is planning to enter international markets with joint ventures in Bangladesh, Egypt and UAE.

The new Megafactory will produce electric three-wheelers like — Rage+, Rage+ RapidEV, Rage+ Frost, Rage+ Swap, and Rage+ Tipper. In addition to this, the new plant will also be manufacturing the company’s upcoming electric passenger three-wheeler ‘Stream.’

The company has also set up a joint venture with Korean firm Jae Sung Tech to manufacture a new range of powertrains, which it claims will help achieve high scale EV production.

The new facility will be supplemented by its supply chain of powertrains and battery packs and is currently negotiating with new and existing suppliers for setting up ancillary manufacturing units in the vicinity of the mega factory.