Corrit EV Pins Hopes On Its Fast Delivery E-Scooter ‘Transit’

Corrit EV Pins Hopes On Its Fast Delivery E-Scooter 'Transit'

Mayur Mishra, CEO, Corrit EV

How did Corrit EV start its journey in the two-wheeler segment?

We started the company in 2019. I joined the renewable energy industry in 2015. But as soon as we started COVID hit the country. Although this halted our plans but also gave us time to make right strategies for work on the engineering. During the same time many large automobile companies like Mahindra and Tata also announced their plans to launch electric two wheelers. Earlier we had experimented on the retrofitting works of electric four wheelers and realised that the cost of retrofitting these vehicles (without the vehicle) comes to around Rs 6 to Rs 7 lakh. Soon, we realised that cost economics in this market is not favourble. We also sensed the huge potential of the electric two vehicle market in the country and jumped onto the bandwagon?

How did you transition from a slow moving EV to fast moving electric scooter? 

So we decided to design electric two wheelers from scratch. The first scooter we designed was the fat tyre scooter named Hover. It was meant for the kids and the elderly as the fat tyre gave them more assurance of safety. It was a low speed vehicle. We sold around 500 units within a year. But later in 2022 due to some regulatory changes we had to back down due to the weight issue. 

In 2021, we started working on our next model “Transit” which was meant for last mile delivery. It was India’s first high speed electric scooter meant for deliveries. We are now hoping for good business from our Transit model. We now have a good dealership network to boost its growth. We are formally launching its production from August, 2024.  

How you see the market of slow speed and fast speed electric scooters? 

For last-mile delivery, high-speed is crucial. It allows delivery personnel to cover greater distances quickly, which is essential for maximizing the number of deliveries per day. Low-speed vehicles can’t handle long distances effectively, so high-speed options are becoming a necessity for efficient delivery services.

You mentioned that retrofitting didn’t turn out to be a profitable venture. What were the main issues?

Retrofitting, particularly for four-wheelers, faces significant challenges. Regulatory approvals for different models and high investment costs make it less viable. For example, retrofitting a Tata Ace would cost nearly as much as a new vehicle, reducing profitability.

How have your products performed so far?

Our first high-speed delivery vehicle, the Transit, received positive feedback after its launch at Auto Expo 2022. It won the CII Best Design Award in 2023 for the mobility category. Our focus on fast charging is a significant advantage; our vehicles can charge from 0 to 80% in about 30 minutes, and we’re working to reduce this further.

Which markets are you targeting for your electric scooters?

Initially, our focus is on the Delhi NCR region. It’s a large market and serves as a good testing ground for our new production. We plan to establish around eight to ten dealerships and aim to sell between 800 to 1,000 units in the next six months. Success here will pave the way for expansion to other states.

Who are your main clients, and what are your targets?

Our primary clients are large fleet operators and delivery companies. We are currently conducting pilot programs with several major players. If successful, we aim to deploy 50,000 to 75,000 Transit scooters for last-mile delivery and e-commerce within the next 12 to 18 months.

What makes your vehicles unique?

One unique feature is our modular design, allowing for quick and easy attachment of different types of cargo boxes without additional tools. We also offer solutions like a charging facility for refrigerator boxes used in the health sector. Our focus on modularity and innovative design sets us apart.

Are there plans to expand beyond electric two-wheelers in the future?

For now, our focus remains on electric two-wheelers. The market is still developing, with electric vehicle penetration under 5%. We’re committed to enhancing our existing product line and improving our technology before considering expansion into other vehicle categories.