03 Jan , 2022 By : monika singh
NEW DELHI: Shares of Greaves Cotton NSE 10.22 % surged 9 per cent in trade on Monday after the company’s e-mobility arm, Greaves Electric Mobility, said it has sold over 10,000 units in December 2021, with the e-three-wheelers clocking a 101 per cent growth in sales from a year ago.
The strong sales performance gives fresh impetus to Greaves Electric Mobility’s position as a market leader in both E-2W and E-3W segments.
Greaves Cotton’s counter jumped to a high of Rs 150 as against Rs 137.95 at the previous close on the BSE.
According to Greaves Electric, Ampere scooters reported record growth in revenue of almost six times in December 2021 compared to the same month last year and E-3W business saw 101 per cent growth in volume terms.
During the October-December quarter, Greaves Electric Mobility acquired a 100 per cent stake in e-3-wheeler company ELE (e-rickshaws) and completed the acquisition of a 26 per cent stake in another e-3-wheeler company MLR Auto (Teja brand) along with the launch of Ranipet mega EV factory, according to a report by PTI.
The higher growth numbers in December came on the back of Ampere's recent announcement of the launch of the company's EV Mega site, the company said.
"With Ampere, our e2W segment has achieved good success and December 2021 sales performance is a testament of the same. Our recent launch of Magnus EX is gaining wide acceptance from customers across the country," Ampere Vehicles Chief Operating Officer Roy Kurian was quoted as saying in reports.
According to Greaves Electric, the recently launched variant of large family e-scooter, Magnus EX, is also gaining increased preference among consumers, especially in the wake of the recent petrol price hike, which offers more than 100 km range on a single charge with an advanced detachable lithium-ion battery.
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