Jitendra EV from India plans to allocate $14 million towards research and development as well as product innovation.
The Indian EV manufacturer, Jitendra EV is all set to invest $14 million dollars in R&D and product growth and innovation. Jitendra EV is developing both high speed and low speed electric two-wheelers to meet the growing demand of EVs from diverse customers having their own requirements.
The company will be investing Rs 1.25 billion for the next five years on product innovation and boosting the manufacturing facility by integrating it with the advanced technologies.
The Co-Founder of Jitendra EV, Samkit Shah, expressed that the company is aiming to double its EV sales in the current financial year to up to 4,200 units sold in 2024-25. He further added, “In the span of 2-3 years, till 2028, we are planning to record sales of 10,000 - 15,000 units per month”.
Jitendra EV Current Scenario
The company’s latest electric scooter, Yunik was launched way back in 2024. This year, Jitendra EV is gearing up to launch another new electric scooter Klasoo. The company is also developing a latest technology called Hybrid Triquad, which has the ability to run on both hydrogen and electricity.
The company has also purchased a seven-acre plot in Nashik located at the western state of Maharashtra, which gives a prediction that the brand is going to boost up their production in the future.
The electric two wheelers contribute up to 33% of the total EV sales in the country. This predicts that the majority of the country's electric two-wheeler market comprises electric scooters, which also contribute to a higher EV penetration of about 15% in this segment.
Competition
Jitendra EV will be competing with many brands in this segment, and one of them is Chetak, which was India’s top-selling electric scooter for the last quarter of 2024-2025 with a 29% market share.
