Chennai, Oct 14: Electric vehicle major Ampere Electric expanded its two-wheeler product range launching a new model Magnus EX priced at Rs 68,999 (ex-showroom Pune).

The lithium battery-powered scooter price will further go down when one takes into account the state government incentives for buying an electric vehicle.

The model comes with a detachable lightweight and portable advanced lithium battery for easy charge in any five amp socket at home, office, coffee shop, or any plug-on-the-wall charge point.

The vehicle comes with a three-year warranty covering major aggregates.

“Customers are looking for more affordable ways to travel as petrol prices heavily dent savings of everyday 2W commuters. Magnus EX with its long-distance per charge enables users to do multiple trips and complete their work and life goals easily,” Roy Kurian, COO, Ampere Electric said.

The 13-year-old Ampere Vehicles — a subsidiary of listed and diversified engineering company Greaves Cotton Ltd — is setting up an electric two-wheeler plant in Ranipet in Tamil Nadu.

The new plant is expected to roll out vehicles by the end of this year. Over a period of 10 years, the capacity will go up to one million and the total outlay will be about Rs 700 crore.

“We will be going for platform-based vehicle production which would reduce our costs. Further, the electric two-wheeler production currently done in Coimbatore will be moved to Ranipet,” Nagesh A. Basavanalli, Managing Director and Group CEO told IANS.

Simply put, a platform-based approach means having a common frame/chassis on which different capacity motors/batteries can be mounted and sold.

With Ampere Vehicles’ two-wheeler capacity set to touch about one lakh units by the end of this year from the current 60,000 per year, a platform-based approach would mean having many common components for different models.

Recently Ampere Electric had signed an agreement to buy a 26 percent stake in electric three-wheeler maker MLR Auto Ltd, Hyderabad on or before Nov 12, 2021.

The company has the option to increase its stakes by another 25 percent (fully diluted basis) within a period of 12 months from the date of closing of the initial acquisition of 26 percent.

In 2020 Ampere Vehicles bought a 74 percent stake in the Noida-based electric rickshaw maker Bestway Agencies rolling out Ele brand vehicles.

The balance of 26 percent in Bestway will be acquired in 2022.