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International

19/10/2018

Taiwan’s largest PTW manufacturer KYMCO is entering India’s booming bike market with its Ionex e-scooter platform featuring interchangeable smart batteries.

KYMCO has bought a minority stake in Indian electric scooter start-up Twenty Two Motors, believed to be in the vicinity of 25%. It intends to invest about £50m in a joint-venture manufacturing plant and licence Ionex technology for use in existing Twenty Two products. The JV, with Twenty Two KYMCO branding, should be up and running by the middle of next year and is targeting sales of 500,000 units within three years. KYMCO also considers it to be a potential export base.

Announcing this tie-up, KYMCO chairman Allen Ko said: “We have found a partner who shares the same vision. We want to make electric a practical reality. India is such a huge market and, with increased focus from the Indian government, we can drive change with our new electric two wheelers. At half a million units, electric scooters will still be very small in a market that is set to touch 25 to 27 million in the coming years. But electric is the future and KYMCO wants to drive electrification.”